VNET Group (NASDAQ:VNET) Shares Gap Up – Should You Buy?

Shares of VNET Group, Inc. (NASDAQ:VNET) gapped up before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on VNET shares. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and raised their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th. UBS Group raised their target price 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 investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Performance

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

Hedge Funds Weigh In On VNET Group

Several large investors have recently made changes to their positions in VNET. Geode Capital Management LLC grew its holdings in shares of VNET Group by 237.7% during the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after buying an additional 210,124 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of VNET Group by 136,783.0% during the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock worth $558,000 after buying an additional 136,783 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of VNET Group during the third quarter worth $519,000. SG Americas Securities LLC grew its holdings in shares of VNET Group by 534.6% during the fourth quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock worth $1,931,000 after buying an additional 343,140 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings 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 buying an additional 37,322 shares in the last quarter. 72.83% of the stock is currently 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.