VNET Group (NASDAQ:VNET) Shares Up 3.6%

VNET Group, Inc. (NASDAQ:VNET) shares rose 3.6% during trading on Tuesday . The company traded as high as $2.88 and last traded at $2.88. Approximately 270,963 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 1,421,197 shares. The stock had previously closed at $2.78.

Analyst Ratings Changes

A number of research firms have weighed in on VNET. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Citigroup initiated coverage on VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price for the company.

VNET Group Price Performance

The firm’s 50 day simple moving average is $2.15 and its two-hundred day simple moving average is $1.96. The firm has a market capitalization of $797.94 million, a P/E ratio of -1.11, a P/E/G ratio of 5.78 and a beta of -0.32. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.87.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Catalina Capital Group LLC purchased a new position in shares of VNET Group during the first quarter valued at approximately $26,000. Ballentine Partners LLC bought a new position in VNET Group in the 2nd quarter worth $36,000. AXA S.A. purchased a new stake in shares of VNET Group in the 2nd quarter worth about $65,000. Headlands Technologies LLC boosted its stake in shares of VNET Group by 1,199.7% during the 1st quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock valued at $66,000 after purchasing an additional 39,050 shares in the last quarter. Finally, Jump Financial LLC boosted its stake in shares of VNET Group by 101.6% during the 4th quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock valued at $242,000 after purchasing an additional 42,537 shares in 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.