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

VNET Group, Inc. (NASDAQ:VNET) shares shot up 7.3% during trading on Tuesday . The company traded as high as $10.42 and last traded at $10.69. 4,355,294 shares were traded during trading, a decline of 52% from the average session volume of 9,077,450 shares. The stock had previously closed at $9.96.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on VNET. UBS Group increased their price target on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. Nomura Securities upgraded VNET Group to a “strong-buy” rating in a research note on Friday, February 21st. Finally, The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and boosted their target price for the company from $3.10 to $5.00 in a research note on Friday, November 29th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, VNET Group currently 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 current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $2.76 billion, a P/E ratio of -4.82, a price-to-earnings-growth ratio of 1.01 and a beta of -0.18. The company has a 50 day simple moving average of $7.97 and a 200-day simple moving average of $5.02.

Institutional Trading of VNET Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in shares of VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after purchasing an additional 210,124 shares during the period. Asset Management One Co. Ltd. bought a new stake in shares of VNET Group during the 4th quarter valued at $152,000. JPMorgan Chase & Co. raised its stake in shares of VNET Group by 136,783.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after purchasing an additional 136,783 shares during the period. Virtu Financial LLC bought a new stake in shares of VNET Group during the 3rd quarter valued at $519,000. Finally, SG Americas Securities LLC raised its stake in shares of VNET Group by 534.6% during the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock valued at $1,931,000 after purchasing an additional 343,140 shares during the period. 72.83% of the stock is currently owned by 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.