VNET Group (NASDAQ:VNET) Stock Price Up 7.7% - Still a Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) shares traded up 7.7% during trading on Tuesday . The company traded as high as $5.58 and last traded at $5.58. 854,078 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 3,133,034 shares. The stock had previously closed at $5.18.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. UBS Group lifted their target price on VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a research note on Friday, November 29th. The Goldman Sachs Group raised shares of VNET Group from a "neutral" rating to a "buy" rating and raised their target price for the company from $3.10 to $5.00 in a research note on Friday, November 29th. Hsbc Global Res upgraded shares of VNET Group to a "strong-buy" rating in a research note on Wednesday, October 9th. Finally, HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price objective for the company in a research report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, VNET Group presently has a consensus rating of "Buy" and an average target price of $4.78.

VNET Group Trading Up 7.5 %

The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $1.43 billion, a price-to-earnings ratio of -2.51 and a beta of -0.24. The company's fifty day moving average is $3.95 and its two-hundred day moving average is $3.14.

Hedge Funds Weigh In On VNET Group

Large investors have recently made changes to their positions in the company. Inspire Investing LLC purchased a new position in VNET Group during the third quarter valued at $1,092,000. Virtu Financial LLC purchased a new position in VNET Group in the 3rd quarter valued at about $519,000. Millennium Management LLC boosted its holdings in VNET Group by 89.1% in the 2nd 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 during 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 buying an additional 37,322 shares in the last quarter. Finally, Anson Funds Management LP raised its holdings in shares of 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 acquiring an additional 206,580 shares during the last quarter. 72.83% of the stock is currently 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.