VNET Group (NASDAQ:VNET) Sees Large Volume Increase – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET) saw unusually-high trading volume on Tuesday . Approximately 5,280,772 shares were traded during mid-day trading, a decline of 18% from the previous session’s volume of 6,457,287 shares.The stock last traded at $12.44 and had previously closed at $11.54.

Analysts Set New Price Targets

VNET has been the subject of several recent analyst reports. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group boosted their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company 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 quick ratio of 0.83 and a current ratio of 0.83. The business’s fifty day simple moving average is $6.53 and its 200 day simple moving average is $4.38. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of -6.61, a price-to-earnings-growth ratio of 1.05 and a beta of -0.18.

Institutional Investors Weigh In On VNET Group

A number of institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its position in VNET Group by 237.7% in the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after purchasing an additional 210,124 shares during the last quarter. JPMorgan Chase & Co. grew its position in VNET Group by 136,783.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock worth $558,000 after purchasing an additional 136,783 shares during the last quarter. Virtu Financial LLC bought a new position in VNET Group in the 3rd quarter worth about $519,000. SG Americas Securities LLC grew its position in VNET Group by 534.6% in the 4th 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. Finally, Blue Trust Inc. grew its position 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 purchasing an additional 37,322 shares during the last quarter. Institutional investors 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.