StockNews.com Upgrades VNET Group (NASDAQ:VNET) to Hold

VNET Group (NASDAQ:VNET - Get Free Report) was upgraded by investment analysts at StockNews.com from a "sell" rating to a "hold" rating in a report released on Thursday.

Separately, Bank of America raised VNET Group from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $3.90 to $2.70 in a research note on Tuesday, March 19th.

VNET Group Price Performance

VNET traded down $0.15 during trading on Thursday, reaching $1.55. The stock had a trading volume of 1,723,426 shares, compared to its average volume of 2,368,793. The stock has a market cap of $230.10 million, a PE ratio of -5.17 and a beta of -0.29. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.71 and a current ratio of 0.71. VNET Group has a one year low of $1.39 and a one year high of $4.19. The business has a 50-day moving average of $1.68 and a 200-day moving average of $2.51.

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently bought and sold shares of VNET. Tower Research Capital LLC TRC lifted its holdings in shares of VNET Group by 749.3% during the first quarter. Tower Research Capital LLC TRC now owns 8,561 shares of the information technology services provider's stock valued at $28,000 after purchasing an additional 7,553 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in shares of VNET Group during the second quarter valued at approximately $29,000. Tudor Investment Corp Et Al purchased a new position in shares of VNET Group during the second quarter valued at approximately $30,000. Envestnet Asset Management Inc. purchased a new position in shares of VNET Group during the first quarter valued at approximately $35,000. Finally, HRT Financial LP purchased a new position in shares of VNET Group during the first quarter valued at approximately $51,000. 72.83% of the stock is currently 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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