Brokerages Set VNET Group, Inc. (NASDAQ:VNET) PT at $3.97

Shares of VNET Group, Inc. (NASDAQ:VNET) have earned a consensus rating of “Buy” from the six brokerages that are covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $4.78.

Several equities analysts recently weighed in on the stock. UBS Group raised their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $3.10 to $5.00 in a research note on Friday. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a report on Wednesday, October 9th. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Finally, Citigroup assumed coverage on VNET Group in a research note on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price objective on the stock.

VNET Group Stock Performance

Shares of VNET opened at $3.88 on Friday. The company has a market capitalization of $998.71 million, a PE ratio of -1.75 and a beta of -0.27. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The company’s 50 day moving average price is $3.69 and its 200 day moving average price is $2.73. VNET Group has a 52 week low of $1.39 and a 52 week high of $4.50.

Institutional Investors Weigh In On VNET Group

Hedge funds have recently modified their holdings of the business. Inspire Investing LLC acquired a new position in VNET Group during the 3rd quarter valued at $1,092,000. Millennium Management LLC raised its position in shares of VNET Group by 89.1% during the second 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 last quarter. 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 valued at $172,000 after buying an additional 37,322 shares during the last quarter. Ballentine Partners LLC bought a new stake in shares of VNET Group in the second quarter valued at about $36,000. Finally, Creative Planning grew its position in 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 buying an additional 64,866 shares in the last quarter. 72.83% of the stock is owned by institutional investors.

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.