VNET Group (NASDAQ:VNET) Trading Up 6% - What's Next?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) rose 6% during mid-day trading on Tuesday . The company traded as high as $4.09 and last traded at $4.09. Approximately 173,668 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 1,604,371 shares. The stock had previously closed at $3.86.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Citigroup began coverage on shares of VNET Group in a research report on Wednesday, September 4th. They issued a "buy" rating and a $4.00 price objective on the stock. UBS Group increased their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a research note on Friday, November 29th. Hsbc Global Res upgraded VNET Group to a "strong-buy" rating in a report on Wednesday, October 9th. The Goldman Sachs Group upgraded VNET Group from a "neutral" rating to a "buy" rating and upped their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th. Finally, HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price target for the company in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $4.78.

VNET Group Stock Up 2.1 %

The stock has a market cap of $1.01 billion, a P/E ratio of -1.77 and a beta of -0.19. The firm has a 50 day simple moving average of $3.72 and a 200-day simple moving average of $2.90. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Investors Weigh In On VNET Group

Institutional investors have recently modified their holdings of the business. Inspire Investing LLC acquired a new stake in VNET Group in the 3rd quarter worth about $1,092,000. Virtu Financial LLC bought a new stake in shares of VNET Group in the third quarter valued at approximately $519,000. Millennium Management LLC grew its position in VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider's stock worth $6,229,000 after buying an additional 1,400,683 shares in the last quarter. Blue Trust Inc. increased its stake in VNET Group by 785.4% during the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider's stock worth $172,000 after acquiring an additional 37,322 shares during the period. Finally, Anson Funds Management LP raised its holdings in VNET Group by 84.9% in the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider's stock valued at $1,836,000 after acquiring an additional 206,580 shares in the last quarter. 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.