VNET Group (NASDAQ:VNET) Shares Gap Down – Should You Sell?

VNET Group, Inc. (NASDAQ:VNET)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $11.31, but opened at $10.71. VNET Group shares last traded at $11.02, with a volume of 2,174,966 shares changing hands.

Analysts Set New Price Targets

Several research firms recently issued reports on VNET. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $3.10 to $5.00 in a report on Friday, November 29th. UBS Group raised their price target on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a 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, VNET Group presently has an average rating of “Buy” and a consensus price target of $4.78.

VNET Group Price Performance

The firm has a 50 day simple moving average of $5.74 and a two-hundred day simple moving average of $4.03. 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 has a market cap of $2.91 billion, a price-to-earnings ratio of -5.10, a price-to-earnings-growth ratio of 0.78 and a beta of -0.18.

Hedge Funds Weigh In On VNET Group

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in shares of VNET Group during the third quarter worth about $262,000. Creative Planning raised its position in shares of VNET Group by 124.1% during the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after purchasing an additional 64,866 shares during the period. Blue Trust Inc. raised its position in shares of VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after purchasing an additional 37,322 shares during the period. WT Asset Management Ltd acquired a new stake in shares of VNET Group during the third quarter worth about $326,000. Finally, GSA Capital Partners LLP raised its position in shares of VNET Group by 24.8% during the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock worth $1,506,000 after purchasing an additional 73,311 shares during the period. 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.