VNET Group (NASDAQ:VNET) Sees Strong Trading Volume – Here’s Why

VNET Group, Inc. (NASDAQ:VNET) shares saw strong trading volume on Thursday . 1,590,958 shares changed hands during mid-day 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.

Analyst Ratings Changes

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

VNET Group Stock Performance

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The stock has a 50-day moving average of $3.88 and a 200 day moving average of $3.08. The stock has a market cap of $1.27 billion, a PE ratio of -2.23 and a beta of -0.24.

Hedge Funds Weigh In On VNET Group

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