VNET Group (NASDAQ:VNET) Shares Gap Up on Analyst Upgrade

VNET Group, Inc. (NASDAQ:VNET) shares gapped up prior to trading on Friday after The Goldman Sachs Group upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $3.86, but opened at $4.04. The Goldman Sachs Group now has a $5.00 price target on the stock, up from their previous price target of $3.10. VNET Group shares last traded at $4.05, with a volume of 556,042 shares changing hands.

A number of other research analysts also recently issued reports on the stock. Citigroup began coverage on shares of VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price on the stock. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective on the stock in a report on Wednesday, October 9th. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. UBS Group boosted their target price on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday. Finally, Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $4.78.

Institutional Investors Weigh In On VNET Group

Several institutional investors have recently bought and sold shares of VNET. Ballentine Partners LLC bought a new position in shares of VNET Group during the 2nd quarter worth approximately $36,000. AXA S.A. purchased a new stake in shares of VNET Group during the second quarter valued at approximately $65,000. Millennium Management LLC lifted its holdings 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 acquiring an additional 1,400,683 shares during the period. SG Americas Securities LLC purchased a new position in VNET Group in the third quarter worth $262,000. Finally, Inspire Investing LLC bought a new position in VNET Group in the 3rd quarter valued at $1,092,000. Institutional investors own 72.83% of the company’s stock.

VNET Group Stock Up 0.5 %

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 50-day moving average price of $3.69 and a 200-day moving average price of $2.72.

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.