VNET Group (NASDAQ:VNET) Stock Price Up 7.2% - Should You Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s share price was up 7.2% during mid-day trading on Friday . The company traded as high as $16.09 and last traded at $15.74. Approximately 4,683,213 shares traded hands during trading, a decline of 41% from the average daily volume of 7,980,224 shares. The stock had previously closed at $14.68.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. The Goldman Sachs Group raised shares of VNET Group from a "neutral" rating to a "buy" rating and increased their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th. UBS Group upped their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a research report on Friday, November 29th. One equities research 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, the company has a consensus rating of "Buy" and a consensus price target of $4.78.

VNET Group Stock Down 0.6 %

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 stock has a market capitalization of $3.76 billion, a P/E ratio of -6.57, a P/E/G ratio of 1.01 and a beta of -0.18. The firm has a 50-day simple moving average of $6.95 and a 200 day simple moving average of $4.56.

Hedge Funds Weigh In On VNET Group

Several large investors have recently bought and sold shares of VNET. Barclays PLC raised its position in VNET Group by 229.3% in the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in VNET Group in the fourth quarter valued at about $41,000. Wolverine Trading LLC bought a new position in VNET Group in the third quarter valued at about $46,000. Catalina Capital Group LLC bought a new position in shares of VNET Group during the fourth quarter worth about $54,000. Finally, Hsbc Holdings PLC bought a new position in shares of VNET Group during the fourth quarter worth about $66,000. 72.83% of the stock is currently owned by 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.