VNET Group (NASDAQ:VNET) Trading 7.7% Higher – Here’s What Happened

Shares of VNET Group, Inc. (NASDAQ:VNET) shot up 7.7% during trading on Tuesday . The company traded as high as $5.58 and last traded at $5.58. 854,078 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 3,133,034 shares. The stock had previously closed at $5.18.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. UBS Group boosted 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. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $3.10 to $5.00 in a 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 stock. According to data from MarketBeat.com, VNET Group presently has an average rating of “Buy” and an average price target of $4.78.

VNET Group Price Performance

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -2.54 and a beta of -0.24. The company’s 50 day moving average is $3.91 and its 200-day moving average is $3.12.

Institutional Investors Weigh In On VNET Group

Several large investors have recently modified their holdings of the company. Ballentine Partners LLC acquired a new position in VNET Group during the 2nd quarter worth approximately $36,000. AXA S.A. bought a new stake in shares of VNET Group during the second quarter worth about $65,000. Millennium Management LLC raised its holdings in shares of VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after acquiring an additional 1,400,683 shares during the last quarter. SG Americas Securities LLC bought a new position in VNET Group in the 3rd quarter valued at about $262,000. Finally, Inspire Investing LLC purchased a new stake in VNET Group in the 3rd quarter valued at $1,092,000. 72.83% of the stock is currently 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.