VNET Group (NASDAQ:VNET) Trading Up 11.1% – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s share price rose 11.1% during trading on Wednesday . The stock traded as high as $7.76 and last traded at $7.98. Approximately 1,286,137 shares traded hands during trading, a decline of 71% from the average daily volume of 4,390,955 shares. The stock had previously closed at $7.18.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a research report on Wednesday, October 9th. UBS Group lifted their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a report on Friday, November 29th. Finally, Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Performance

The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a 50-day moving average of $4.85 and a 200 day moving average of $3.60.

Hedge Funds Weigh In On VNET Group

A number of institutional investors have recently modified their holdings of VNET. AXA S.A. acquired a new stake in VNET Group during the second quarter worth about $65,000. Millennium Management LLC lifted its stake in shares of 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 valued at $6,229,000 after purchasing an additional 1,400,683 shares during the period. SG Americas Securities LLC acquired a new position in shares of VNET Group in the 3rd quarter valued at $262,000. Inspire Investing LLC purchased a new stake in VNET Group during the third quarter worth $1,092,000. Finally, Creative Planning grew its position in VNET Group by 124.1% during the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after buying an additional 64,866 shares during the period. 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.