VNET Group (NASDAQ:VNET) Trading 7.2% Higher – Here’s Why

VNET Group, Inc. (NASDAQ:VNET)’s stock price was up 7.2% during mid-day trading on Friday . The stock traded as high as $16.09 and last traded at $15.74. Approximately 4,683,213 shares were traded during trading, a decline of 41% from the average daily volume of 7,980,224 shares. The stock had previously closed at $14.68.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on VNET shares. UBS Group raised their target price on 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 raised their target price for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Stock 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 stock has a fifty day simple moving average of $6.95 and a two-hundred day simple moving average of $4.56. The stock has a market capitalization of $3.76 billion, a price-to-earnings ratio of -6.57, a P/E/G ratio of 1.01 and a beta of -0.18.

Institutional Trading of VNET Group

A number of large investors have recently bought and sold shares of the business. Barclays PLC grew its holdings in VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 4,939 shares during the period. Headlands Technologies LLC increased its position in VNET Group by 5.7% in the 4th quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider’s stock valued at $685,000 after buying an additional 7,737 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in VNET Group in the 4th quarter valued at about $41,000. Catalina Capital Group LLC bought a new stake in VNET Group in the 4th quarter valued at about $54,000. Finally, Wolverine Trading LLC bought a new stake in VNET Group in the 3rd quarter valued at about $46,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.