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

VNET Group, Inc. (NASDAQ:VNET) has been given an average recommendation of “Buy” by the six brokerages that are currently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $4.78.

Several research analysts recently issued reports on the company. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group upped their target price 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 shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a report on Wednesday, October 9th.

Hedge Funds Weigh In On VNET Group

Several institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its position in 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 acquiring an additional 1,400,683 shares during the period. SG Americas Securities LLC increased its stake in shares of VNET Group by 534.6% during the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock worth $1,931,000 after purchasing an additional 343,140 shares during the last quarter. Inspire Investing LLC bought a new stake in shares of VNET Group in the 3rd quarter worth approximately $1,092,000. Geode Capital Management LLC lifted its stake 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 valued at $1,218,000 after purchasing an additional 210,124 shares during the last quarter. Finally, Anson Funds Management LP lifted its stake 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 valued at $1,836,000 after purchasing an additional 206,580 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.

VNET Group Price Performance

VNET stock opened at $6.99 on Friday. The company has a market capitalization of $1.80 billion, a P/E ratio of -3.15, a price-to-earnings-growth ratio of 0.55 and a beta of -0.24. VNET Group has a 52-week low of $1.39 and a 52-week high of $7.19. The business has a 50-day simple moving average of $4.57 and a two-hundred day simple moving average of $3.46. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

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.