VNET Group (NASDAQ:VNET) Sees Large Volume Increase – What’s Next?

VNET Group, Inc. (NASDAQ:VNET) saw unusually-high trading volume on Tuesday . Approximately 5,280,772 shares were traded during mid-day trading, a decline of 18% from the previous session’s volume of 6,457,287 shares.The stock last traded at $12.44 and had previously closed at $11.54.

Analyst Ratings Changes

VNET has been the topic of a number of analyst reports. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group lifted their price target on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $4.78.

VNET Group Stock Up 4.5 %

The company has a market cap of $3.10 billion, a price-to-earnings ratio of -5.43, a P/E/G ratio of 0.78 and a beta of -0.18. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The business has a fifty day moving average price of $6.35 and a two-hundred day moving average price of $4.32.

Hedge Funds Weigh In On VNET Group

Large investors have recently made changes to their positions in the business. Barclays PLC increased its holdings in shares of VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 4,939 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of VNET Group in the 4th quarter valued at about $41,000. Catalina Capital Group LLC acquired a new position in VNET Group in the fourth quarter worth approximately $54,000. Wolverine Trading LLC acquired a new position in VNET Group in the third quarter worth approximately $46,000. Finally, Hsbc Holdings PLC acquired a new position in VNET Group in the fourth quarter worth approximately $66,000. Institutional investors and hedge funds 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.