VNET Group (NASDAQ:VNET) Shares Up 7.3% - Here's What Happened

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s stock price rose 7.3% on Tuesday . The stock traded as high as $10.42 and last traded at $10.69. Approximately 4,355,294 shares changed hands during trading, a decline of 52% from the average daily volume of 9,077,450 shares. The stock had previously closed at $9.96.

Analyst Upgrades and Downgrades

VNET has been the topic of several research reports. Nomura Securities upgraded VNET Group to a "strong-buy" rating in a report on Friday, February 21st. UBS Group lifted 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. Finally, The Goldman Sachs Group raised VNET Group from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, VNET Group presently has a consensus rating of "Buy" and an average target price of $4.78.

VNET Group Stock Performance

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The company has a 50 day simple moving average of $8.45 and a 200-day simple moving average of $5.18. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of -5.17, a price-to-earnings-growth ratio of 1.01 and a beta of 0.07.

Remove Ads

Hedge Funds Weigh In On VNET Group

Several institutional investors have recently added to or reduced their stakes in VNET. GSA Capital Partners LLP lifted its stake in VNET Group by 24.8% in the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider's stock valued at $1,506,000 after buying an additional 73,311 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in VNET Group in the third quarter valued at approximately $199,000. Walleye Capital LLC acquired a new position in VNET Group in the third quarter valued at approximately $115,000. Wolverine Trading LLC acquired a new position in VNET Group in the third quarter valued at approximately $46,000. Finally, XTX Topco Ltd acquired a new position in VNET Group in the third quarter valued at approximately $343,000. 72.83% of the stock is owned by institutional investors and hedge funds.

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.