VNET Group (NASDAQ:VNET) Shares Gap Up – What’s Next?

VNET Group, Inc. (NASDAQ:VNET) gapped up prior to trading on Thursday . The stock had previously closed at $3.58, but opened at $3.74. VNET Group shares last traded at $3.71, with a volume of 151,446 shares.

Wall Street Analyst Weigh In

Several brokerages have issued reports on VNET. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. Citigroup initiated coverage on shares of VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price for the company. UBS Group boosted their price target on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a report on Friday, November 29th. Finally, StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $4.78.

VNET Group Price Performance

The firm’s fifty day moving average is $3.72 and its two-hundred day moving average is $2.91. The firm has a market cap of $921.48 million, a price-to-earnings ratio of -1.61 and a beta of -0.19. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Institutional Trading of VNET Group

A number of institutional investors have recently made changes to their positions in the stock. Millennium Management LLC increased its stake in shares of 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 valued at $6,229,000 after acquiring an additional 1,400,683 shares during the period. Anson Funds Management LP increased its position 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 valued at $1,836,000 after purchasing an additional 206,580 shares during the period. GSA Capital Partners LLP raised its stake in shares of VNET Group by 24.8% in the 3rd quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock worth $1,506,000 after buying an additional 73,311 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of VNET Group by 237.7% in the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after buying an additional 210,124 shares in the last quarter. Finally, Inspire Investing LLC acquired a new stake in shares of VNET Group in the third quarter valued at $1,092,000. 72.83% of the stock is owned by institutional investors and hedge funds.

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.