VNET Group (NASDAQ:VNET) Stock Passes Above 200-Day Moving Average of $3.14

VNET Group, Inc. (NASDAQ:VNET)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.14 and traded as high as $3.34. VNET Group shares last traded at $3.15, with a volume of 1,394,810 shares.

Wall Street Analyst Weigh In

Several research firms have issued reports on VNET. HSBC increased their price objective on VNET Group from $2.90 to $3.00 in a research report on Friday, August 25th. StockNews.com assumed coverage on VNET Group in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Bank of America started coverage on VNET Group in a research report on Friday, July 7th. They issued a “neutral” rating for the company.

VNET Group Trading Down 6.3 %

The business has a 50 day simple moving average of $2.99 and a 200-day simple moving average of $3.14. The stock has a market capitalization of $467.62 million, a price-to-earnings ratio of -4.77 and a beta of -0.22. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.96.

Hedge Funds Weigh In On VNET Group

Large investors have recently modified their holdings of the company. XTX Topco Ltd purchased a new stake in shares of VNET Group during the 2nd quarter valued at about $77,000. Point72 Asset Management L.P. purchased a new stake in shares of VNET Group during the 2nd quarter valued at about $522,000. Point72 Hong Kong Ltd purchased a new stake in shares of VNET Group during the 2nd quarter valued at about $6,586,000. Tudor Investment Corp Et Al purchased a new stake in shares of VNET Group during the 2nd quarter valued at about $30,000. Finally, BlackRock Inc. raised its holdings in shares of VNET Group by 6.4% during the 2nd quarter. BlackRock Inc. now owns 2,295,628 shares of the information technology services provider’s stock valued at $6,657,000 after buying an additional 138,075 shares during the period. 72.83% of the stock is currently 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.