VNET Group (NASDAQ:VNET) Trading 7.7% Higher – Still a Buy?

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

Analysts Set New Price Targets

Several analysts have recently weighed in on VNET shares. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. UBS Group increased their target price on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday, November 29th. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $3.10 to $5.00 in a report on Friday, November 29th. Finally, HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $4.78.

VNET Group Stock Up 3.4 %

The firm’s 50 day simple moving average is $4.00 and its 200 day simple moving average is $3.16. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -2.59 and a beta of -0.24. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Investors Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently modified their holdings of VNET. Ballentine Partners LLC acquired a new position in VNET Group during the 2nd quarter valued at about $36,000. Wolverine Trading LLC bought a new position in shares of VNET Group in the third quarter valued at approximately $46,000. AXA S.A. acquired a new position in shares of VNET Group during the second quarter valued at approximately $65,000. Walleye Capital LLC bought a new stake in VNET Group during the third quarter worth approximately $115,000. Finally, Blue Trust Inc. lifted its position in VNET Group by 785.4% in the third 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. 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.