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

Shares of VNET Group, Inc. (NASDAQ:VNET) gapped up prior to trading on Wednesday . The stock had previously closed at $10.71, but opened at $11.35. VNET Group shares last traded at $12.16, with a volume of 2,805,949 shares traded.

Analyst Upgrades and Downgrades

VNET has been the topic of several research reports. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group raised their target price on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. Finally, Nomura Securities raised shares of VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $4.78.

VNET Group Price Performance

The firm has a market capitalization of $3.16 billion, a P/E ratio of -5.50, a P/E/G ratio of 1.01 and a beta of -0.18. The stock’s fifty day simple moving average is $8.11 and its 200 day simple moving average is $5.08. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Institutional Investors Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently bought and sold shares of VNET. Vident Advisory LLC increased its position in shares of VNET Group by 91.6% during the fourth quarter. Vident Advisory LLC now owns 283,296 shares of the information technology services provider’s stock worth $1,343,000 after purchasing an additional 135,467 shares in the last quarter. Squarepoint Ops LLC purchased a new position in VNET Group during the 4th quarter worth $132,000. Two Sigma Investments LP acquired a new position in VNET Group during the 4th quarter valued at about $2,911,000. Triata Capital Ltd purchased a new stake in VNET Group in the fourth quarter valued at about $47,377,000. Finally, Sig Brokerage LP acquired a new stake in VNET Group in the fourth quarter worth about $270,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

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.