VNET Group (NASDAQ:VNET) Shares Up 6% – Here’s Why

VNET Group, Inc. (NASDAQ:VNET) shares shot up 6% on Tuesday . The stock traded as high as $4.09 and last traded at $4.09. 173,668 shares changed hands during trading, a decline of 89% from the average session volume of 1,604,371 shares. The stock had previously closed at $3.86.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on VNET shares. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective on the stock in a research note on Wednesday, October 9th. UBS Group lifted their price target on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, Citigroup assumed coverage on shares of VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective on the stock. One equities research 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. According to MarketBeat.com, VNET Group has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Trading Down 9.1 %

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 company has a market capitalization of $921.48 million, a P/E ratio of -1.61 and a beta of -0.19. The firm has a fifty day moving average price of $3.72 and a 200-day moving average price of $2.91.

Institutional Investors Weigh In On VNET Group

A number of hedge funds have recently made changes to their positions in VNET. Inspire Investing LLC bought a new stake in shares of VNET Group in the third quarter valued at $1,092,000. Virtu Financial LLC purchased a new stake in VNET Group during the third quarter valued at about $519,000. Millennium Management LLC boosted its position in VNET Group by 89.1% during 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 purchasing an additional 1,400,683 shares during the period. Blue Trust Inc. boosted its holdings in VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after buying an additional 37,322 shares during the period. Finally, Anson Funds Management LP raised its holdings in VNET Group by 84.9% during the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after acquiring an additional 206,580 shares during the period. 72.83% of the stock is currently owned by institutional investors.

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.