VNET Group (NASDAQ:VNET) Shares Up 7.2% – Still a Buy?

by · The Cerbat Gem

VNET Group, Inc. (NASDAQ:VNET – Get Free Report)’s share price was up 7.2% during trading on Friday . The company traded as high as $16.09 and last traded at $15.74. Approximately 4,683,213 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 7,980,224 shares. The stock had previously closed at $14.68.

Analyst Upgrades and Downgrades

VNET has been the topic of a number of recent research reports. UBS Group boosted their price objective on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $3.10 to $5.00 in a research report on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $4.78.

Check Out Our Latest Stock Report on VNET

VNET Group Stock Performance

The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of -6.68, a price-to-earnings-growth ratio of 0.90 and a beta of -0.18. The stock has a 50-day simple moving average of $6.74 and a 200-day simple moving average of $4.46. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Investors Weigh In On VNET Group

A number of institutional investors have recently made changes to their positions in VNET. Creative Planning lifted its holdings in VNET Group by 124.1% in the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after acquiring an additional 64,866 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after purchasing an additional 37,322 shares during the period. WT Asset Management Ltd acquired a new stake in shares of VNET Group in the 3rd quarter worth approximately $326,000. GSA Capital Partners LLP boosted its holdings in shares of VNET Group by 24.8% in the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock valued at $1,506,000 after acquiring an additional 73,311 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of VNET Group during the third quarter valued at approximately $199,000. 72.83% of the stock is currently owned by institutional investors.

VNET Group Company Profile

(Get Free Report)

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.

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