VNET Group, Inc. (NASDAQ:VNET) Receives Consensus Recommendation of “Buy” from Analysts

VNET Group, Inc. (NASDAQ:VNET) has earned a consensus recommendation of “Buy” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $4.78.

Several research analysts have recently commented on the company. UBS Group boosted their target price on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday, November 29th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and increased their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th.

VNET Group Price Performance

NASDAQ:VNET opened at $11.54 on Wednesday. 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 firm has a market cap of $2.97 billion, a PE ratio of -5.20, a price-to-earnings-growth ratio of 0.78 and a beta of -0.18. VNET Group has a 12 month low of $1.42 and a 12 month high of $13.04. The company’s 50-day moving average price is $6.04 and its two-hundred day moving average price is $4.18.

Institutional Investors Weigh In On VNET Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in shares of VNET Group by 622.8% during the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock valued at $4,690,000 after acquiring an additional 852,519 shares during the period. Monolith Management Ltd acquired a new position in VNET Group during the 4th quarter valued at about $2,822,000. Symmetry Investments LP acquired a new position in VNET Group during the 4th quarter valued at about $2,708,000. HCEP Management Ltd bought a new position in shares of VNET Group in the 4th quarter valued at about $2,491,000. Finally, American Century Companies Inc. grew its position in shares of VNET Group by 20.4% during the 4th quarter. American Century Companies Inc. now owns 474,929 shares of the information technology services provider’s stock worth $2,251,000 after buying an additional 80,516 shares during the period. 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.