VNET Group (NASDAQ:VNET) Sees Unusually-High Trading Volume – Should You Buy?

VNET Group, Inc. (NASDAQ:VNET) shares saw an uptick in trading volume on Thursday . 1,590,958 shares were traded during trading, a decline of 5% from the previous session’s volume of 1,677,746 shares.The stock last traded at $5.07 and had previously closed at $4.74.

Wall Street Analysts Forecast Growth

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

VNET Group Stock Up 6.1 %

The firm’s 50 day moving average price is $3.81 and its two-hundred day moving average price is $3.05. 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 firm has a market cap of $1.29 billion, a price-to-earnings ratio of -2.27 and a beta of -0.19.

Institutional Trading of VNET Group

Several large investors have recently bought and sold shares of VNET. Ballentine Partners LLC purchased a new position in shares of VNET Group during the second quarter valued at approximately $36,000. Wolverine Trading LLC purchased a new stake in VNET Group during the 3rd quarter worth approximately $46,000. AXA S.A. acquired a new position in shares of VNET Group in the 2nd quarter valued at approximately $65,000. Walleye Capital LLC acquired a new stake in shares of VNET Group during the third quarter worth approximately $115,000. Finally, Blue Trust Inc. increased its stake in shares of VNET Group by 785.4% in the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after buying an additional 37,322 shares during the last quarter. 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.