VNET Group (NASDAQ:VNET) Shares Gap Up – Here’s Why

VNET Group, Inc. (NASDAQ:VNET)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $7.22, but opened at $7.76. VNET Group shares last traded at $7.38, with a volume of 1,161,986 shares.

Analyst Ratings Changes

VNET has been the subject of several recent research reports. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $3.10 to $5.00 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 report on Wednesday, October 9th. Finally, UBS Group increased their price objective on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $4.78.

VNET Group Stock 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 company has a 50-day moving average price of $5.15 and a two-hundred day moving average price of $3.76. The stock has a market capitalization of $2.19 billion, a P/E ratio of -3.83, a price-to-earnings-growth ratio of 0.61 and a beta of -0.18.

Hedge Funds Weigh In On VNET Group

Institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its position in shares of VNET Group by 89.1% during 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 buying an additional 1,400,683 shares during the period. SG Americas Securities LLC grew its holdings in VNET Group by 534.6% in the fourth quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock worth $1,931,000 after purchasing an additional 343,140 shares during the period. Inspire Investing LLC bought a new stake in VNET Group in the third quarter valued at $1,092,000. Geode Capital Management LLC raised its holdings in shares of VNET Group by 237.7% during the third 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. Finally, Anson Funds Management LP raised its holdings in shares of VNET Group by 84.9% during the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after purchasing an additional 206,580 shares during the period. 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.