VNET Group (NASDAQ:VNET) Shares Up 5.1%

VNET Group, Inc. (NASDAQ:VNET) was up 5.1% during trading on Tuesday . The company traded as high as $2.87 and last traded at $2.87. Approximately 182,765 shares were traded during trading, a decline of 87% from the average daily volume of 1,435,772 shares. The stock had previously closed at $2.73.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Citigroup began coverage on VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 price target on the stock.

VNET Group Stock Down 0.3 %

The firm has a fifty day simple moving average of $2.24 and a 200 day simple moving average of $2.02. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $769.63 million, a PE ratio of -1.13, a PEG ratio of 5.66 and a beta of -0.32.

Hedge Funds Weigh In On VNET Group

Several institutional investors and hedge funds have recently bought and sold shares of VNET. Millennium Management LLC grew its stake in shares of VNET Group by 89.1% during the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after buying an additional 1,400,683 shares during the period. AXA S.A. purchased a new stake in VNET Group during the second quarter valued at about $65,000. Ballentine Partners LLC acquired a new stake in VNET Group during the second quarter worth about $36,000. Maso Capital Partners Ltd increased its stake in VNET Group by 15.6% during the first quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock worth $2,873,000 after acquiring an additional 250,000 shares during the last quarter. Finally, Headlands Technologies LLC raised its holdings in shares of VNET Group by 1,199.7% in the 1st quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock worth $66,000 after purchasing an additional 39,050 shares during the period. Institutional investors and hedge funds own 72.83% of the company’s stock.

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.