VNET Group (NASDAQ:VNET) Sees Large Volume Increase Following Analyst Upgrade

Posted by on Aug 29th, 2023

VNET Group, Inc. (NASDAQ:VNET – Get Free Report) saw strong trading volume on Monday after HSBC raised their price target on the stock from $2.90 to $3.00. 1,153,212 shares traded hands during mid-day trading, a decline of 31% from the previous session’s volume of 1,683,319 shares.The stock last traded at $3.46 and had previously closed at $3.31.

Other research analysts also recently issued reports about the company. StockNews.com started coverage on VNET Group in a research note on Thursday, August 17th. They set a “hold” rating for the company. Bank of America began coverage on shares of VNET Group in a research report on Friday, July 7th. They set a “neutral” rating for the company. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.45.

Check Out Our Latest Research Report on VNET

Institutional Trading of VNET Group

Large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC lifted its holdings in VNET Group by 749.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 8,561 shares of the information technology services provider’s stock valued at $28,000 after purchasing an additional 7,553 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in VNET Group in the 2nd quarter valued at approximately $29,000. Tudor Investment Corp Et Al acquired a new position in shares of VNET Group during the second quarter worth about $30,000. Envestnet Asset Management Inc. purchased a new position in shares of VNET Group in the 1st quarter valued at about $35,000. Finally, Quadrant Capital Group LLC lifted its position in VNET Group by 1,698.5% in the second quarter. Quadrant Capital Group LLC now owns 16,276 shares of the information technology services provider’s stock valued at $47,000 after acquiring an additional 15,371 shares during the last quarter. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

VNET Group Price Performance

The company has a fifty day moving average price of $2.90 and a two-hundred day moving average price of $3.24. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $512.15 million, a price-to-earnings ratio of -5.23 and a beta of -0.17.

About VNET Group

(Get Free Report)

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.

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