VNET Group (NASDAQ:VNET) Trading 10.9% Higher – Time to Buy?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) rose 10.9% during mid-day trading on Tuesday . The company traded as high as $12.66 and last traded at $12.4560. Approximately 2,784,990 shares were traded during trading, a decline of 58% from the average daily volume of 6,661,672 shares. The stock had previously closed at $11.23.

Analyst Ratings Changes

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

VNET Group Price Performance

The stock has a market capitalization of $3.20 billion and a price-to-earnings ratio of -39.52. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.88. The stock has a 50-day moving average price of $10.52 and a 200 day moving average price of $9.61.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of VNET Group during the 2nd quarter valued at approximately $54,199,000. Temasek Holdings Private Ltd raised its position in VNET Group by 988.7% during the fourth quarter. Temasek Holdings Private Ltd now owns 3,253,150 shares of the information technology services provider’s stock worth $27,522,000 after acquiring an additional 2,954,350 shares during the period. BNP Paribas Financial Markets lifted its holdings in VNET Group by 674.8% during the second quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock valued at $23,067,000 after purchasing an additional 2,911,604 shares in the last quarter. Infini Capital Management Ltd grew its position in shares of VNET Group by 39.2% in the second quarter. Infini Capital Management Ltd now owns 9,758,083 shares of the information technology services provider’s stock valued at $67,331,000 after purchasing an additional 2,747,661 shares during the period. Finally, Farallon Capital Management LLC grew its position in shares of VNET Group by 83.3% in the third quarter. Farallon Capital Management LLC now owns 5,489,120 shares of the information technology services provider’s stock valued at $56,703,000 after purchasing an additional 2,495,000 shares during the period. 72.83% of the stock is owned by institutional investors and hedge funds.

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.