VNET Group (NASDAQ:VNET) Shares Up 4.1% – Still a Buy?

VNET Group, Inc. (NASDAQ:VNET) shares rose 4.1% during trading on Friday . The company traded as high as $4.37 and last traded at $4.29. Approximately 849,795 shares were traded during trading, a decline of 48% from the average daily volume of 1,631,005 shares. The stock had previously closed at $4.12.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Citigroup assumed coverage on shares of VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective for the company. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a research note on Wednesday, October 9th. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $3.10 to $5.00 in a report on Friday, November 29th. Finally, UBS Group increased their target price on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, VNET Group presently has an average rating of “Buy” and an average target price of $4.78.

VNET Group Trading Up 3.2 %

The firm’s 50 day moving average is $3.72 and its 200 day moving average is $2.98. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $1.09 billion, a PE ratio of -1.91 and a beta of -0.19.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Wolverine Trading LLC purchased a new position in VNET Group during the third quarter worth about $46,000. Ballentine Partners LLC bought a new position in VNET Group in the second quarter valued at $36,000. Walleye Capital LLC purchased a new position in shares of VNET Group during the third quarter worth approximately $115,000. AXA S.A. bought a new position in VNET Group in the second quarter worth about $65,000. Finally, Blue Trust Inc. grew its position 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 purchasing an additional 37,322 shares during the last quarter. 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.