VNET Group (NASDAQ:VNET) Trading 5.3% Higher - Still a Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s share price rose 5.3% during mid-day trading on Thursday . The stock traded as high as $6.67 and last traded at $6.70. Approximately 1,505,832 shares traded hands during trading, a decline of 62% from the average daily volume of 3,987,840 shares. The stock had previously closed at $6.36.

Analyst Ratings Changes

Several research firms recently commented on VNET. HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 target price for the company in a research note on Wednesday, October 9th. Hsbc Global Res raised VNET Group to a "strong-buy" rating in a research report on Wednesday, October 9th. UBS Group boosted their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a report on Friday, November 29th. Finally, The Goldman Sachs Group upgraded VNET Group from a "neutral" rating to a "buy" rating and increased their target price for the company 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 assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $4.78.

VNET Group Stock Up 6.2 %

The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -3.05, a price-to-earnings-growth ratio of 0.59 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 stock has a 50-day moving average of $4.43 and a 200-day moving average of $3.40.

Institutional Investors Weigh In On VNET Group

Large investors have recently made changes to their positions in the company. Wolverine Trading LLC acquired a new position in shares of VNET Group during the third quarter worth approximately $46,000. AXA S.A. acquired a new position in shares of VNET Group during the second quarter valued at $65,000. Walleye Capital LLC acquired a new position in shares of VNET Group during the third quarter valued at $115,000. Blue Trust Inc. lifted its holdings 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 period. Finally, Public Employees Retirement System of Ohio acquired a new stake in VNET Group in the third quarter worth about $191,000. Institutional investors and hedge funds 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.

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