VNET Group (NASDAQ:VNET) Shares Gap Down – Should You Sell?

VNET Group, Inc. (NASDAQ:VNET)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $11.31, but opened at $10.71. VNET Group shares last traded at $11.02, with a volume of 2,174,966 shares traded.

Wall Street Analyst Weigh In

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

VNET Group Stock Performance

The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The firm’s 50 day simple moving average is $6.04 and its 200 day simple moving average is $4.15. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of -5.20, a PEG ratio of 0.78 and a beta of -0.18.

Hedge Funds Weigh In On VNET Group

Several large investors have recently made changes to their positions in VNET. JPMorgan Chase & Co. lifted its stake in shares of VNET Group by 622.8% in the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock valued at $4,690,000 after purchasing an additional 852,519 shares during the period. Monolith Management Ltd acquired a new position in shares of VNET Group in the 4th quarter valued at $2,822,000. Symmetry Investments LP acquired a new position in shares of VNET Group in the 4th quarter valued at $2,708,000. HCEP Management Ltd acquired a new position in shares of VNET Group in the 4th quarter valued at $2,491,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of VNET Group in the 4th quarter valued at $1,811,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.