VNET Group (NASDAQ:VNET) Shares Gap Up – What’s Next?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $10.45, but opened at $10.71. VNET Group shares last traded at $9.6430, with a volume of 4,726,584 shares trading hands.

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 analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $16.30.

VNET Group Price Performance

The company has a 50-day moving average of $10.85 and a 200 day moving average of $9.75. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.88. The stock has a market capitalization of $2.76 billion, a PE ratio of -34.20, a PEG ratio of 0.77 and a beta of 0.01.

Hedge Funds Weigh In On VNET Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new position in VNET Group in the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC increased its holdings in shares of VNET Group by 52.2% in the second 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 last quarter. Allianz SE purchased a new position in VNET Group during the fourth quarter worth approximately $50,000. First Horizon Advisors Inc. purchased a new position in VNET Group during the second quarter worth approximately $43,000. Finally, Headlands Technologies LLC acquired a new position in VNET Group during the second quarter worth $55,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

VNET Group Company Profile

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.