VNET Group (NASDAQ:VNET) Trading 9.9% Higher – Time to Buy?

VNET Group, Inc. (NASDAQ:VNET)’s share price shot up 9.9% on Wednesday . The company traded as high as $8.10 and last traded at $8.28. 3,568,977 shares changed hands during trading, a decline of 27% from the average session volume of 4,877,125 shares. The stock had previously closed at $7.54.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on VNET. 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. UBS Group boosted their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report 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, The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $3.10 to $5.00 in a report on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $4.78.

VNET Group Price Performance

The company has a market cap of $2.18 billion, a price-to-earnings ratio of -3.83, a PEG ratio of 0.61 and a beta of -0.18. 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 company’s fifty day moving average price is $5.06 and its two-hundred day moving average price is $3.72.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Catalina Capital Group LLC acquired a new position in shares of VNET Group in the fourth quarter valued at approximately $54,000. Wolverine Trading LLC acquired a new position in VNET Group during the third quarter worth $46,000. Blue Trust Inc. boosted its holdings in VNET Group by 29.1% during the fourth quarter. Blue Trust Inc. now owns 54,311 shares of the information technology services provider’s stock worth $257,000 after purchasing an additional 12,237 shares during the last quarter. Walleye Capital LLC acquired a new position in VNET Group during the third quarter worth $115,000. Finally, Asset Management One Co. Ltd. acquired a new position in VNET Group during the fourth quarter worth $152,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Company Profile

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.