UBS Group Issues Positive Forecast for VNET Group (NASDAQ:VNET) Stock Price

VNET Group (NASDAQ:VNET) had its target price lifted by UBS Group from $6.40 to $7.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

Several other research firms have also recently weighed in on VNET. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research report on Wednesday, October 9th. Finally, Citigroup initiated coverage on VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price objective on the stock. One 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $4.78.

VNET Group Price Performance

Shares of VNET stock opened at $3.88 on Friday. The stock’s fifty day moving average is $3.69 and its 200-day moving average is $2.73. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. VNET Group has a 52 week low of $1.39 and a 52 week high of $4.50. The stock has a market capitalization of $998.71 million, a PE ratio of -1.75 and a beta of -0.27.

Hedge Funds Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently bought and sold shares of VNET. Wolverine Trading LLC acquired a new position in VNET Group during the third quarter valued at approximately $46,000. Ballentine Partners LLC acquired a new position in shares of VNET Group in the 2nd quarter valued at $36,000. Walleye Capital LLC bought a new stake in shares of VNET Group in the 3rd quarter valued at $115,000. AXA S.A. acquired a new stake in VNET Group during the 2nd quarter worth $65,000. Finally, Blue Trust Inc. raised its stake 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 worth $172,000 after buying an additional 37,322 shares during the period. 72.83% of the stock is owned by institutional investors.

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.