VNET Group (NASDAQ:VNET) Stock Price Up 7.3% – What’s Next?

VNET Group, Inc. (NASDAQ:VNET)’s stock price rose 7.3% during mid-day trading on Tuesday . The stock traded as high as $10.42 and last traded at $10.69. Approximately 4,355,294 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 9,077,450 shares. The stock had previously closed at $9.96.

Analyst Ratings Changes

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

VNET Group Stock Up 7.5 %

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 stock has a fifty day moving average price of $7.97 and a two-hundred day moving average price of $5.02. The company has a market cap of $2.76 billion, a P/E ratio of -4.82, a price-to-earnings-growth ratio of 1.01 and a beta of -0.18.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of VNET. Creative Planning increased its position in shares of VNET Group by 124.1% during the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after acquiring an additional 64,866 shares during the last quarter. GSA Capital Partners LLP increased its position in shares of VNET Group by 24.8% during 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of VNET Group during the third quarter valued at approximately $199,000. Walleye Capital LLC purchased a new stake in shares of VNET Group during the third quarter valued at approximately $115,000. Finally, Wolverine Trading LLC purchased a new stake in shares of VNET Group during the third quarter valued at approximately $46,000. 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.