VNET Group (NASDAQ:VNET) Shares Gap Up After Analyst Upgrade

VNET Group, Inc. (NASDAQ:VNET)’s stock price gapped up prior to trading on Friday after The Goldman Sachs Group upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $3.86, but opened at $4.04. The Goldman Sachs Group now has a $5.00 price target on the stock, up from their previous price target of $3.10. VNET Group shares last traded at $4.05, with a volume of 556,042 shares changing hands.

A number of other equities research analysts also recently weighed in on VNET. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. UBS Group boosted their target price on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a research note on Wednesday, October 9th. Finally, Citigroup initiated coverage on VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective on the stock. One equities research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $4.78.

Hedge Funds Weigh In On VNET Group

A number of hedge funds have recently modified their holdings of the business. Virtu Financial LLC bought a new position in shares of VNET Group during the third quarter worth about $519,000. Geode Capital Management LLC increased its position in 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 valued at $1,218,000 after purchasing an additional 210,124 shares during the period. Public Employees Retirement System of Ohio bought a new position in VNET Group during the 3rd quarter worth approximately $191,000. Anson Funds Management LP lifted its position in shares of 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 period. Finally, XTX Topco Ltd bought a new stake in shares of VNET Group in the 3rd quarter valued at $343,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Stock Performance

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 stock’s 50 day moving average price is $3.69 and its 200 day moving average price is $2.72.

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.