VNET Group, Inc. (NASDAQ:VNET) Receives $3.97 Consensus Target Price from Analysts

Shares of VNET Group, Inc. (NASDAQ:VNET) have earned an average recommendation of “Buy” from the six ratings firms that are currently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $4.78.

A number of brokerages have recently issued reports on VNET. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and increased their target price for the stock from $3.10 to $5.00 in a report on Friday. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. UBS Group upped their target price on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Finally, HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research report on Wednesday, October 9th.

VNET Group Price Performance

Shares of VNET Group stock opened at $3.88 on Friday. VNET Group has a twelve month low of $1.39 and a twelve month high of $4.50. 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 has a market cap of $998.71 million, a P/E ratio of -1.75 and a beta of -0.27. The firm’s 50-day simple moving average is $3.69 and its 200-day simple moving average is $2.73.

Hedge Funds Weigh In On VNET Group

A number of large investors have recently modified their holdings of VNET. Millennium Management LLC raised its holdings in VNET Group by 89.1% during the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after purchasing an additional 1,400,683 shares during the last quarter. Inspire Investing LLC bought a new stake in shares of VNET Group during the third quarter worth approximately $1,092,000. Geode Capital Management LLC lifted its holdings in VNET Group by 237.7% in the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after buying an additional 210,124 shares during the period. Anson Funds Management LP boosted its stake in VNET Group by 84.9% in the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after acquiring an additional 206,580 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in VNET Group during the 3rd quarter worth $519,000. 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.