VNET Group, Inc. (NASDAQ:VNET) Receives $4.78 Average PT from Analysts

VNET Group, Inc. (NASDAQ:VNET) has been given a consensus recommendation of “Buy” by the six brokerages that are presently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $4.78.

VNET has been the topic of a number of research analyst reports. The Goldman Sachs Group raised 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. UBS Group increased their price target 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. HSBC raised 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 note on Wednesday, October 9th. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Finally, Citigroup initiated coverage on shares of VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective on the stock.

VNET Group Stock Performance

VNET opened at $4.12 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. VNET Group has a twelve month low of $1.39 and a twelve month high of $4.50. The business’s 50 day moving average is $3.72 and its 200-day moving average is $2.98. The stock has a market cap of $1.06 billion, a PE ratio of -1.86 and a beta of -0.19.

Hedge Funds Weigh In On VNET Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC grew its position 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 acquiring an additional 1,400,683 shares during the last quarter. Inspire Investing LLC acquired a new stake in VNET Group in the 3rd quarter valued at about $1,092,000. Geode Capital Management LLC raised its stake in shares of 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 worth $1,218,000 after acquiring an additional 210,124 shares during the last quarter. Anson Funds Management LP lifted its position in shares of VNET Group by 84.9% during the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock worth $1,836,000 after purchasing an additional 206,580 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in VNET Group by 136,783.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after buying an additional 136,783 shares during the last quarter. 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.