VNET Group (NASDAQ:VNET) Shares Gap Up – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $7.22, but opened at $7.76. VNET Group shares last traded at $7.38, with a volume of 1,161,986 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a research report on Wednesday, October 9th. Finally, UBS Group upped their target price on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. 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’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $4.78.

VNET Group Trading Up 3.1 %

The firm’s fifty day moving average price is $4.98 and its 200-day moving average price is $3.69. The company has a market cap of $1.92 billion, a price-to-earnings ratio of -3.35, a P/E/G ratio of 0.61 and a beta of -0.18. 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

Hedge funds have recently bought and sold shares of the company. Millennium Management LLC lifted its holdings in shares of VNET Group by 89.1% in 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 purchasing an additional 1,400,683 shares in the last quarter. Anson Funds Management LP grew its position in VNET Group by 84.9% in the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock worth $1,836,000 after purchasing an additional 206,580 shares during the last quarter. SG Americas Securities LLC raised its position in shares of VNET Group by 534.6% during the fourth quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock valued at $1,931,000 after buying an additional 343,140 shares during the last quarter. GSA Capital Partners LLP raised its holdings in 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 valued at $1,506,000 after acquiring an additional 73,311 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of VNET Group by 237.7% during 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 purchasing an additional 210,124 shares in the last quarter. 72.83% of the stock is owned by hedge funds and other 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.