VNET Group (NASDAQ:VNET) Trading Up 9.9% - Should You Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s share price shot up 9.9% on Wednesday . The stock traded as high as $8.10 and last traded at $8.28. 3,568,977 shares changed hands during trading, a decline of 27% from the average session volume of 4,877,125 shares. The stock had previously closed at $7.54.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. The Goldman Sachs Group upgraded VNET Group from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $3.10 to $5.00 in a report on Friday, November 29th. UBS Group upped their price target on VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a research note on Friday, November 29th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, VNET Group presently has an average rating of "Buy" and an average price target of $4.78.

VNET Group Price Performance

The firm has a 50-day moving average of $5.36 and a 200 day moving average of $3.87. The company has a market capitalization of $2.32 billion, a PE ratio of -4.05, a PEG ratio of 0.78 and a beta of -0.18. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Institutional Investors Weigh In On VNET Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in VNET. SG Americas Securities LLC boosted its stake in shares of VNET Group by 534.6% in the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider's stock worth $1,931,000 after buying an additional 343,140 shares during the last quarter. Inspire Investing LLC bought a new stake in shares of VNET Group during the 3rd quarter valued at about $1,092,000. Geode Capital Management LLC lifted its stake in shares of VNET Group by 237.7% in the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock worth $1,218,000 after purchasing an additional 210,124 shares during the period. Anson Funds Management LP grew its position in VNET Group by 84.9% during the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider's stock valued at $1,836,000 after buying an additional 206,580 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in VNET Group by 136,783.0% during the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider's stock valued at $558,000 after buying an additional 136,783 shares during the last quarter. Hedge funds and other institutional investors own 72.83% of the company's stock.

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.