HSBC Cuts VNET Group (NASDAQ:VNET) Price Target to $9.40

VNET Group (NASDAQ:VNETGet Rating) had its price target cut by research analysts at HSBC from $13.50 to $9.40 in a research report issued to clients and investors on Wednesday, The Fly reports. HSBC’s target price indicates a potential upside of 99.15% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Tuesday, March 29th. Credit Suisse Group decreased their price target on VNET Group from $10.80 to $8.20 and set an “outperform” rating on the stock in a research report on Monday, May 16th. The Goldman Sachs Group upgraded VNET Group from a “sell” rating to a “neutral” rating and set a $6.50 price objective on the stock in a research report on Wednesday. Finally, StockNews.com initiated coverage on shares of VNET Group in a research report on Thursday, March 31st. They set a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.68.

Shares of NASDAQ:VNET traded up $0.10 during mid-day trading on Wednesday, hitting $4.72. 83,825 shares of the company traded hands, compared to its average volume of 3,114,361. VNET Group has a 12-month low of $3.51 and a 12-month high of $26.20. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.00. The stock has a market cap of $687.57 million, a P/E ratio of -14.30 and a beta of 0.14. The stock has a 50-day moving average price of $6.21 and a two-hundred day moving average price of $8.21.

Large investors have recently bought and sold shares of the company. Collaborative Holdings Management LP raised its stake in VNET Group by 9.8% in the fourth quarter. Collaborative Holdings Management LP now owns 670,000 shares of the information technology services provider’s stock worth $6,050,000 after buying an additional 60,000 shares in the last quarter. Geode Capital Management LLC raised its position in shares of VNET Group by 17.2% in the 3rd quarter. Geode Capital Management LLC now owns 448,920 shares of the information technology services provider’s stock worth $7,722,000 after acquiring an additional 65,866 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of VNET Group by 7.0% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 40,000 shares of the information technology services provider’s stock valued at $692,000 after purchasing an additional 2,600 shares during the period. TT International Asset Management LTD boosted its position in shares of VNET Group by 25.2% during the third quarter. TT International Asset Management LTD now owns 12,106,908 shares of the information technology services provider’s stock valued at $209,570,000 after purchasing an additional 2,439,909 shares in the last quarter. Finally, Squarepoint Ops LLC grew its stake in VNET Group by 256.9% in the third quarter. Squarepoint Ops LLC now owns 52,585 shares of the information technology services provider’s stock worth $910,000 after purchasing an additional 37,851 shares during the period.

About VNET Group (Get Rating)

VNET Group, Inc, an investment holding company, provides hosting and related services to Internet companies, government entities, blue-chip enterprises, and small-to mid-sized enterprises in the People's Republic of China. It offers hosting and related services to house servers and networking equipment in its data centers, and connects them through a data transmission network.

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