VNET Group (NASDAQ:VNET) Research Coverage Started at Citigroup

Citigroup assumed coverage on shares of VNET Group (NASDAQ:VNET) in a research note published on Wednesday morning, Benzinga reports. The brokerage issued a buy rating and a $4.00 target price on the information technology services provider’s stock.

Separately, StockNews.com upgraded shares of VNET Group from a sell rating to a hold rating in a report on Wednesday, August 21st.

VNET Group Trading Up 1.5 %

Shares of VNET stock opened at $2.75 on Wednesday. The business has a 50-day moving average of $2.11 and a 200 day moving average of $1.93. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.87. VNET Group has a 1-year low of $1.39 and a 1-year high of $3.87. The stock has a market capitalization of $707.85 million, a PE ratio of -1.04, a P/E/G ratio of 2.52 and a beta of -0.32.

Institutional Investors Weigh In On VNET Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Millennium Management LLC increased its stake in shares of VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after buying an additional 1,400,683 shares during the period. AXA S.A. purchased a new position in VNET Group during the 2nd quarter valued at $65,000. Ballentine Partners LLC bought a new position in VNET Group in the 2nd quarter worth $36,000. Maso Capital Partners Ltd lifted its position in shares of VNET Group by 15.6% in the 1st quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock worth $2,873,000 after purchasing an additional 250,000 shares during the period. Finally, 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. Hedge funds and other institutional investors own 72.83% of the company’s stock.

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.