VNET Group (NASDAQ:VNET) Coverage Initiated at Citigroup

Research analysts at Citigroup began coverage on shares of VNET Group (NASDAQ:VNET) in a note issued to investors on Wednesday, Benzinga reports. The brokerage set a “buy” rating and a $4.00 price target on the information technology services provider’s stock. Citigroup’s price target would suggest a potential upside of 43.37% from the company’s current price.

Separately, StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st.

VNET Group Stock Up 1.5 %

NASDAQ:VNET opened at $2.79 on Wednesday. The stock has a market cap of $718.15 million, a price-to-earnings ratio of -1.06, a PEG ratio of 2.52 and a beta of -0.32. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.47. The stock has a 50-day moving average price of $2.12 and a two-hundred day moving average price of $1.93. VNET Group has a 1 year low of $1.39 and a 1 year high of $3.87.

Hedge Funds Weigh In On VNET Group

A number of large investors have recently added to or reduced their stakes in the company. Catalina Capital Group LLC acquired a new position in shares of VNET Group during the first quarter worth about $26,000. Ballentine Partners LLC bought a new position in shares of VNET Group during the 2nd quarter worth approximately $36,000. AXA S.A. acquired a new stake in shares of VNET Group in the second quarter valued at approximately $65,000. Headlands Technologies LLC lifted its position in shares of VNET Group by 1,199.7% in the first quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock worth $66,000 after purchasing an additional 39,050 shares in the last quarter. Finally, Jump Financial LLC boosted its holdings in VNET Group by 101.6% during the fourth quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock worth $242,000 after purchasing an additional 42,537 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.