VNET Group (NASDAQ:VNET) Shares Up 7.3% – What’s Next?

VNET Group, Inc. (NASDAQ:VNET) shares shot up 7.3% on Tuesday . The company traded as high as $5.48 and last traded at $5.45. 518,647 shares were traded during mid-day trading, a decline of 88% from the average session volume of 4,227,709 shares. The stock had previously closed at $5.08.

Analysts Set New Price Targets

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

VNET Group Trading Up 1.8 %

The business has a 50-day moving average of $4.20 and a 200 day moving average of $3.28. The stock has a market cap of $1.45 billion, a PE ratio of -2.54, a PEG ratio of 0.52 and a beta of -0.24. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

Institutional Investors Weigh In On VNET Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Wolverine Trading LLC purchased a new position in shares of VNET Group during the third quarter valued at approximately $46,000. Walleye Capital LLC acquired a new position in VNET Group in the 3rd quarter valued at $115,000. AXA S.A. acquired a new position in VNET Group in the 2nd quarter valued at $65,000. Blue Trust Inc. lifted its stake in shares of VNET Group by 785.4% during 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 period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of VNET Group during the third quarter worth $191,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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.