VNET Group (NASDAQ:VNET) Stock Price Up 7.3% – Time to Buy?

VNET Group, Inc. (NASDAQ:VNET)’s stock price was up 7.3% during mid-day trading on Tuesday . The company traded as high as $5.48 and last traded at $5.45. Approximately 518,647 shares changed hands during trading, a decline of 88% from the average daily volume of 4,227,709 shares. The stock had previously closed at $5.08.

Analyst Ratings Changes

A number of equities analysts have recently commented on VNET shares. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a report on Wednesday, October 9th. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. Finally, 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. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Performance

The stock’s 50-day moving average is $4.20 and its 200 day moving average is $3.28. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -2.54, a P/E/G ratio of 0.52 and a beta of -0.24. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Institutional Trading of VNET Group

Several hedge funds have recently modified their holdings of the business. Wolverine Trading LLC purchased a new position in VNET Group in the third quarter worth $46,000. AXA S.A. acquired a new position in shares of VNET Group during the 2nd quarter worth $65,000. Walleye Capital LLC acquired a new position in shares of VNET Group during the 3rd quarter worth $115,000. Blue Trust Inc. increased its holdings in shares of VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after purchasing an additional 37,322 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of VNET Group in the third quarter valued at about $191,000. 72.83% of the stock is owned by institutional investors and hedge funds.

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.