VNET Group (NASDAQ:VNET) Stock Price Up 9.9% – Here’s Why

VNET Group, Inc. (NASDAQ:VNET)’s stock 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 traded 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

VNET has been the topic of several recent analyst reports. UBS Group upped their target price on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and lifted 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 issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $4.78.

VNET Group Price 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 firm has a market capitalization of $2.32 billion, a PE ratio of -4.05, a P/E/G ratio of 0.61 and a beta of -0.18. The company has a 50-day moving average price of $5.25 and a 200-day moving average price of $3.79.

Institutional Investors Weigh In On VNET Group

Hedge funds have recently modified their holdings of the company. Los Angeles Capital Management LLC purchased a new position in VNET Group during the fourth quarter worth about $294,000. Asset Management One Co. Ltd. purchased a new position in shares of VNET Group during the 4th quarter worth about $152,000. Catalina Capital Group LLC acquired a new stake in shares of VNET Group in the fourth quarter worth approximately $54,000. Blue Trust Inc. grew its holdings in VNET Group by 29.1% in the fourth quarter. Blue Trust Inc. now owns 54,311 shares of the information technology services provider’s stock valued at $257,000 after purchasing an additional 12,237 shares during the period. Finally, SG Americas Securities LLC increased its position in VNET Group by 534.6% during the fourth quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock worth $1,931,000 after purchasing an additional 343,140 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.