VNET Group (NASDAQ:VNET) Shares Up 11.1% - Time to Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s stock price was up 11.1% during mid-day trading on Wednesday . The stock traded as high as $7.76 and last traded at $7.98. Approximately 1,286,137 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 4,390,955 shares. The stock had previously closed at $7.18.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on VNET shares. The Goldman Sachs Group raised shares of VNET Group from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $3.10 to $5.00 in a report on Friday, November 29th. Hsbc Global Res raised shares of VNET Group to a "strong-buy" rating in a research note on Wednesday, October 9th. UBS Group raised their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a research note on Friday, November 29th. Finally, HSBC raised VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price target for the company in a research note on Wednesday, October 9th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $4.78.

VNET Group Price Performance

The company has a market cap of $1.95 billion, a P/E ratio of -3.39, a PEG ratio of 0.55 and a beta of -0.24. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The company has a fifty day simple moving average of $4.71 and a 200-day simple moving average of $3.54.

Institutional Investors Weigh In On VNET Group

Several hedge funds have recently modified their holdings of the stock. AXA S.A. purchased a new position in VNET Group during the 2nd quarter worth approximately $65,000. Millennium Management LLC lifted its stake in VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider's stock worth $6,229,000 after acquiring an additional 1,400,683 shares in the last quarter. SG Americas Securities LLC acquired a new stake in VNET Group during the 3rd quarter worth about $262,000. Inspire Investing LLC purchased a new position in VNET Group during the 3rd quarter valued at about $1,092,000. Finally, Creative Planning grew its stake in VNET Group by 124.1% during the 3rd quarter. Creative Planning now owns 117,139 shares of the information technology services provider's stock valued at $478,000 after acquiring an additional 64,866 shares in the last quarter. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Company Profile

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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