VNET Group (NASDAQ:VNET) Trading Up 7.3% - Still a Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) shares traded up 7.3% on Tuesday . The stock traded as high as $5.48 and last traded at $5.45. 518,647 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 4,227,709 shares. The stock had previously closed at $5.08.

Analysts Set New Price Targets

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

VNET Group Stock Up 6.3 %

The firm has a market capitalization of $1.39 billion, a P/E ratio of -2.43 and a beta of -0.24. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The company has a 50 day simple moving average of $4.12 and a two-hundred day simple moving average of $3.24.

Institutional Trading of VNET Group

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in shares of VNET Group by 237.7% in the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock worth $1,218,000 after buying an additional 210,124 shares in the last quarter. Inspire Investing LLC purchased a new stake in shares of VNET Group during the 3rd quarter worth approximately $1,092,000. Virtu Financial LLC bought a new position in shares of VNET Group during the 3rd quarter valued at approximately $519,000. Millennium Management LLC grew its holdings in shares of VNET Group by 89.1% in the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider's stock valued at $6,229,000 after purchasing an additional 1,400,683 shares in the last quarter. Finally, Blue Trust Inc. increased its position in VNET Group by 785.4% in the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider's stock worth $172,000 after purchasing an additional 37,322 shares during the last quarter. Hedge funds and other institutional investors own 72.83% of the company's stock.

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.