VNET Group, Inc. (NASDAQ:VNET – Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $7.22, but opened at $7.76. VNET Group shares last traded at $7.38, with a volume of 1,161,986 shares trading hands.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on VNET shares. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research note on Wednesday, October 9th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group raised their target price on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. Finally, Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, VNET Group has an average rating of “Buy” and an average target price of $4.78.
View Our Latest Report on VNET Group
VNET Group Trading Up 3.1 %
Institutional Trading of VNET Group
A number of large investors have recently made changes to their positions in the stock. Wolverine Trading LLC purchased a new stake in shares of VNET Group in the 3rd quarter worth approximately $46,000. Catalina Capital Group LLC purchased a new stake in shares of VNET Group during the fourth quarter worth $54,000. Walleye Capital LLC acquired a new position in shares of VNET Group during the 3rd quarter worth approximately $115,000. Asset Management One Co. Ltd. acquired a new stake in shares of VNET Group in the 4th quarter worth $152,000. Finally, Blue Trust Inc. increased its holdings in shares of VNET Group by 785.4% during the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after buying an additional 37,322 shares during the last quarter. 72.83% of the stock is owned by hedge funds and other 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.
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