VNET Group (NASDAQ:VNET) Shares Gap Up – Time to Buy?

Shares of VNET Group, Inc. (NASDAQ:VNET) gapped up before the market opened on Friday . The stock had previously closed at $11.75, but opened at $12.68. VNET Group shares last traded at $12.19, with a volume of 4,324,428 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on VNET. The Goldman Sachs Group upgraded shares of 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. UBS Group lifted their price objective 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. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $4.78.

VNET Group Stock Down 1.8 %

The firm’s fifty day moving average price is $6.04 and its 200-day moving average price is $4.17. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Institutional Investors Weigh In On VNET Group

Large investors have recently modified their holdings of the company. Barclays PLC increased its holdings in shares of VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 4,939 shares during the period. Wolverine Trading LLC acquired a new position in VNET Group in the third quarter valued at $46,000. Catalina Capital Group LLC purchased a new stake in shares of VNET Group in the fourth quarter valued at about $54,000. Hsbc Holdings PLC acquired a new stake in shares of VNET Group during the fourth quarter worth about $66,000. Finally, Tower Research Capital LLC TRC acquired a new position in VNET Group in the 4th quarter valued at about $80,000. 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.