VNET Group (NASDAQ:VNET) Trading Up 6% – Still a Buy?

Shares of VNET Group, Inc. (NASDAQ:VNET) rose 6% during trading on Tuesday . The company traded as high as $4.09 and last traded at $4.09. Approximately 173,668 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 1,604,371 shares. The stock had previously closed at $3.86.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on VNET. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Citigroup started coverage on shares of VNET Group in a report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price objective on the stock. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Finally, HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $4.78.

VNET Group Stock Up 3.1 %

The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a 50-day moving average price of $3.72 and a two-hundred day moving average price of $2.90. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -1.74 and a beta of -0.19.

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ballentine Partners LLC acquired a new position in shares of VNET Group during the 2nd quarter worth approximately $36,000. Wolverine Trading LLC bought a new position in shares of VNET Group in the third quarter valued at $46,000. AXA S.A. bought a new stake in VNET Group during the second quarter worth $65,000. Walleye Capital LLC acquired a new stake in VNET Group in the third quarter valued at $115,000. Finally, Blue Trust Inc. grew its position in shares of VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after acquiring an additional 37,322 shares during the period. 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.