VNET Group (NASDAQ:VNET) Trading Down 1.8% – What’s Next?

VNET Group, Inc. (NASDAQ:VNET) was down 1.8% during mid-day trading on Tuesday . The stock traded as low as $4.90 and last traded at $4.93. Approximately 655,782 shares changed hands during trading, a decline of 61% from the average daily volume of 1,666,763 shares. The stock had previously closed at $5.02.

Analysts Set New Price Targets

VNET has been the subject of a number of research analyst reports. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and boosted their target price for the company from $3.10 to $5.00 in a research report on Friday, November 29th. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. 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 target on the stock. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a research report on Wednesday, October 9th. Finally, UBS Group lifted 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. One equities 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 company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $4.78.

VNET Group Price Performance

The firm has a 50 day moving average price of $3.76 and a two-hundred day moving average price of $3.02. The company has a market cap of $1.23 billion, a P/E ratio of -2.16 and a beta of -0.19. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

Hedge Funds Weigh In On VNET Group

Several large investors have recently modified their holdings of the business. Ballentine Partners LLC purchased a new position in VNET Group in the 2nd quarter valued at approximately $36,000. Wolverine Trading LLC bought a new stake in shares of VNET Group during the 3rd quarter valued at $46,000. AXA S.A. purchased a new stake in VNET Group during the 2nd quarter worth about $65,000. Walleye Capital LLC bought a new position in VNET Group in the 3rd quarter worth about $115,000. Finally, Blue Trust Inc. grew its holdings in VNET Group by 785.4% during the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after buying an additional 37,322 shares in the last quarter. 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.