VNET Group (NASDAQ:VNET) Shares Gap Up - Time to Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $11.43, but opened at $11.85. VNET Group shares last traded at $11.38, with a volume of 1,615,573 shares.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on VNET shares. UBS Group lifted their price target on VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a research report on Friday, November 29th. The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and boosted their target price for the company from $3.10 to $5.00 in a research note on Friday, November 29th. Finally, Nomura Securities raised VNET Group to a "strong-buy" rating in a report on Friday, February 21st. One analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $4.78.

VNET Group Trading Up 3.0 %

The company has a 50-day moving average price of $8.59 and a 200-day moving average price of $5.30. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of -5.30, a PEG ratio of 1.01 and a beta of 0.07.

Institutional Investors Weigh In On VNET Group

A number of institutional investors and hedge funds have recently made changes to their positions in VNET. Triata Capital Ltd purchased a new stake in shares of VNET Group during the 4th quarter worth $47,377,000. D. E. Shaw & Co. Inc. purchased a new stake in shares of VNET Group in the fourth quarter valued at $7,183,000. Man Group plc acquired a new stake in shares of VNET Group in the fourth quarter worth approximately $5,094,000. Bank of America Corp DE increased its holdings in shares of VNET Group by 610.2% during the 4th quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider's stock worth $5,682,000 after buying an additional 1,029,963 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of VNET Group by 622.8% in the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider's stock worth $4,690,000 after purchasing an additional 852,519 shares during the period. 72.83% of the stock is owned by hedge funds and other institutional investors.

About VNET Group

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.

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