VNET Group (NASDAQ:VNET) Stock Price Up 5.3% – Here’s What Happened

Shares of VNET Group, Inc. (NASDAQ:VNET) traded up 5.3% during mid-day trading on Thursday . The stock traded as high as $6.67 and last traded at $6.70. 1,505,832 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 3,987,840 shares. The stock had previously closed at $6.36.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. HSBC raised 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. UBS Group raised 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. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $3.10 to $5.00 in a report on Friday, November 29th. One investment 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 company. Based on data from MarketBeat, VNET Group presently has an average rating of “Buy” and an average target price of $4.78.

VNET Group Stock Performance

The firm’s 50-day simple moving average is $4.57 and its two-hundred day simple moving average is $3.46. 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 market cap of $1.80 billion, a PE ratio of -3.15, a P/E/G ratio of 0.55 and a beta of -0.24.

Institutional Trading of VNET Group

Large investors have recently bought and sold shares of the business. Wolverine Trading LLC acquired a new position in shares of VNET Group in the third quarter worth $46,000. Catalina Capital Group LLC acquired a new position in VNET Group during the 4th quarter worth $54,000. AXA S.A. purchased a new stake in VNET Group during the 2nd quarter worth about $65,000. Walleye Capital LLC purchased a new stake in VNET Group during the 3rd quarter worth about $115,000. Finally, Blue Trust Inc. lifted its stake 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 acquiring an additional 37,322 shares during the last quarter. 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.