VNET Group (NASDAQ:VNET) Trading Up 12.4% – Here’s Why

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) rose 12.4% during mid-day trading on Tuesday . The stock traded as high as $11.07 and last traded at $11.0070. Approximately 3,756,560 shares changed hands during trading, a decline of 45% from the average daily volume of 6,820,684 shares. The stock had previously closed at $9.79.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $16.30.

VNET Group Stock Performance

The business has a 50-day simple moving average of $10.92 and a 200 day simple moving average of $9.80. The company has a debt-to-equity ratio of 2.88, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $3.02 billion, a PE ratio of -37.46, a PEG ratio of 0.75 and a beta of 0.01.

Hedge Funds Weigh In On VNET Group

Several large investors have recently added to or reduced their stakes in VNET. Global Retirement Partners LLC bought a new position in shares of VNET Group in the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC raised its position in shares of VNET Group by 52.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 1,426 shares during the period. Allianz SE purchased a new position in shares of VNET Group during the 4th quarter valued at $50,000. First Horizon Advisors Inc. bought a new position in VNET Group in the 2nd quarter worth $43,000. Finally, Headlands Technologies LLC bought a new position in VNET Group in the 2nd quarter worth $55,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

About VNET Group

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.