VNET Group (NASDAQ:VNET) Shares Gap Up – Time to Buy?

VNET Group, Inc. (NASDAQ:VNET) shares gapped up prior to trading on Friday . The stock had previously closed at $11.75, but opened at $12.68. VNET Group shares last traded at $12.19, with a volume of 4,324,428 shares.

Wall Street Analyst Weigh In

VNET has been the topic of a number of recent research reports. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $3.10 to $5.00 in a report on Friday, November 29th. 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. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $4.78.

VNET Group Trading Down 0.6 %

The firm’s 50 day moving average price is $5.89 and its 200-day moving average price is $4.09. The stock has a market cap of $3.01 billion, a P/E ratio of -5.26, a P/E/G ratio of 0.78 and a beta of -0.18. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Hedge Funds Weigh In On VNET Group

Several institutional investors have recently bought and sold shares of the stock. Barclays PLC lifted its position in VNET Group by 229.3% during the fourth 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 last quarter. Wolverine Trading LLC bought a new position in VNET Group during the third quarter valued at $46,000. Catalina Capital Group LLC bought a new position in VNET Group during the fourth quarter valued at $54,000. Hsbc Holdings PLC bought a new position in VNET Group during the fourth quarter valued at $66,000. Finally, Tower Research Capital LLC TRC bought a new position in VNET Group during the fourth quarter valued at $80,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

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.