VNET Group (NASDAQ:VNET) Stock Price Up 4.1% – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET) shares rose 4.1% on Friday . The company traded as high as $4.37 and last traded at $4.29. Approximately 849,795 shares changed hands during trading, a decline of 48% from the average daily volume of 1,631,005 shares. The stock had previously closed at $4.12.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on VNET shares. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and increased their price target for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. 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 note on Wednesday, October 9th. Citigroup started coverage on shares of VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price for the company. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, UBS Group increased their price objective 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. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $4.78.

VNET Group Price Performance

The firm has a 50 day simple moving average of $3.72 and a 200-day simple moving average of $2.98. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The company has a market cap of $1.09 billion, a PE ratio of -1.91 and a beta of -0.19.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Wolverine Trading LLC purchased a new position in shares of VNET Group in the 3rd quarter valued at approximately $46,000. Ballentine Partners LLC purchased a new position in shares of VNET Group in the second quarter worth $36,000. Walleye Capital LLC purchased a new stake in shares of VNET Group during the third quarter valued at $115,000. AXA S.A. acquired a new position in shares of VNET Group in the 2nd quarter valued at $65,000. Finally, Blue Trust Inc. raised its stake in VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after acquiring an additional 37,322 shares during the last quarter. 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.