VNET Group (NASDAQ:VNET) Shares Gap Up – Here’s Why

VNET Group, Inc. (NASDAQ:VNET) gapped up prior to trading on Thursday . The stock had previously closed at $3.72, but opened at $4.02. VNET Group shares last traded at $4.20, with a volume of 1,607,830 shares changing hands.

Analyst Upgrades and Downgrades

VNET has been the subject of a number of research reports. Citigroup initiated coverage on shares of VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price for the company. HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a report on Wednesday, October 9th. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. UBS Group boosted their price target on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. Finally, The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $3.10 to $5.00 in a report on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, VNET Group presently has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Stock Performance

The stock has a 50-day moving average of $3.72 and a 200 day moving average of $2.98. The stock has a market cap of $1.10 billion, a PE ratio of -1.92 and a beta of -0.19. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of VNET. Millennium Management LLC increased its position in VNET Group by 89.1% during the second 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. Anson Funds Management LP increased its holdings in shares of VNET Group by 84.9% during the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock worth $1,836,000 after buying an additional 206,580 shares during the last quarter. GSA Capital Partners LLP raised its position in shares of VNET Group by 24.8% during the 3rd quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock valued at $1,506,000 after buying an additional 73,311 shares during the period. Geode Capital Management LLC raised its position in shares of VNET Group by 237.7% during the 3rd 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. Finally, Inspire Investing LLC acquired a new position in VNET Group in the third quarter valued at approximately $1,092,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

About VNET Group

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.