VNET Group (NASDAQ:VNET) Trading Up 5.3% – Still a Buy?

VNET Group, Inc. (NASDAQ:VNET) rose 5.3% during trading on Thursday . The company traded as high as $6.67 and last traded at $6.70. Approximately 1,505,832 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 3,987,840 shares. The stock had previously closed at $6.36.

Analyst Ratings Changes

A number of brokerages have recently commented on VNET. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research note on Wednesday, October 9th. UBS Group increased their target price 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, The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Trading Up 2.0 %

The company has a market cap of $1.80 billion, a price-to-earnings ratio of -3.15, a PEG ratio of 0.55 and a beta of -0.24. 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 business’s 50-day simple moving average is $4.57 and its 200-day simple moving average is $3.46.

Hedge Funds Weigh In On VNET Group

Institutional investors have recently made changes to their positions in the stock. AXA S.A. acquired a new stake in VNET Group during the second quarter worth approximately $65,000. Millennium Management LLC boosted its holdings in shares of 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 last quarter. SG Americas Securities LLC purchased a new stake in shares of VNET Group in the third quarter valued at $262,000. Inspire Investing LLC purchased a new stake in shares of VNET Group in the third quarter valued at $1,092,000. Finally, Creative Planning increased its stake in VNET Group by 124.1% in the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after purchasing an additional 64,866 shares during the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

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.