VNET Group (NASDAQ:VNET) Shares Up 7.7% – Still a Buy?

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

Analyst Ratings Changes

VNET has been the subject of several research analyst reports. UBS Group lifted their target price on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $3.10 to $5.00 in a research report on Friday, November 29th. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research note on Wednesday, October 9th. Finally, Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. One 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.com, the company has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Stock Up 8.7 %

The company’s 50 day moving average price is $3.91 and its two-hundred day moving average price is $3.12. 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 firm has a market cap of $1.45 billion, a PE ratio of -2.54 and a beta of -0.24.

Institutional Trading of VNET Group

Several institutional investors have recently made changes to their positions in the business. Millennium Management LLC lifted its position in shares of VNET Group by 89.1% in 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. Inspire Investing LLC purchased a new position in shares of VNET Group in the third quarter valued at $1,092,000. Geode Capital Management LLC increased its position in VNET Group by 237.7% in the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after purchasing an additional 210,124 shares during the last quarter. Anson Funds Management LP increased its position in VNET Group by 84.9% in the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock worth $1,836,000 after purchasing an additional 206,580 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in VNET Group by 136,783.0% during the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after purchasing an additional 136,783 shares during the last quarter. Hedge funds and other institutional investors own 72.83% of the company’s stock.

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.