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

VNET Group, Inc. (NASDAQ:VNET)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $3.72, but opened at $4.02. VNET Group shares last traded at $4.20, with a volume of 1,607,830 shares.

Analysts Set New Price Targets

A number of research firms have commented on VNET. Citigroup started 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 on the stock. UBS Group upped their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday, November 29th. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a report on Wednesday, October 9th. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Price Performance

The company’s 50-day simple moving average is $3.72 and its 200 day simple moving average is $2.98. The company has a market cap of $1.10 billion, a PE ratio of -1.92 and a beta of -0.19. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ballentine Partners LLC acquired a new stake in VNET Group in the 2nd quarter valued at about $36,000. Wolverine Trading LLC acquired a new stake in VNET Group in the third quarter valued at approximately $46,000. AXA S.A. purchased a new position in VNET Group in the second quarter worth approximately $65,000. Walleye Capital LLC purchased a new position in VNET Group in the third quarter worth approximately $115,000. Finally, Blue Trust Inc. grew its holdings 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 worth $172,000 after acquiring an additional 37,322 shares in the last quarter. 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.