VNET Group (NASDAQ:VNET) Coverage Initiated by Analysts at Citigroup

Citigroup started coverage on shares of VNET Group (NASDAQ:VNET) in a research report report published on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $4.00 target price on the information technology services provider’s stock.

Separately, StockNews.com raised shares of VNET Group from a sell rating to a hold rating in a research report on Wednesday, August 21st.

VNET Group Price Performance

VNET Group stock opened at $2.79 on Wednesday. VNET Group has a 52 week low of $1.39 and a 52 week high of $3.87. The company’s 50 day moving average price is $2.13 and its two-hundred day moving average price is $1.94. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 1.47. The stock has a market cap of $718.15 million, a P/E ratio of -1.06, a P/E/G ratio of 9.97 and a beta of -0.32.

Institutional Investors Weigh In On VNET Group

A number of hedge funds have recently modified their holdings of the stock. Catalina Capital Group LLC bought a new stake in shares of VNET Group in the 1st quarter worth approximately $26,000. Ballentine Partners LLC bought a new stake in shares of VNET Group in the 2nd quarter worth approximately $36,000. AXA S.A. bought a new stake in shares of VNET Group in the 2nd quarter worth approximately $65,000. Headlands Technologies LLC raised its holdings in shares of VNET Group by 1,199.7% in the 1st quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock worth $66,000 after purchasing an additional 39,050 shares during the period. Finally, Jump Financial LLC raised its holdings in shares of VNET Group by 101.6% in the 4th quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock worth $242,000 after purchasing an additional 42,537 shares during the period. 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.