VNET Group (NASDAQ:VNET) Reaches New 1-Year High – Time to Buy?

VNET Group, Inc. (NASDAQ:VNET)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $10.76 and last traded at $10.86, with a volume of 3819242 shares trading hands. The stock had previously closed at $9.97.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on VNET shares. UBS Group lifted their price objective on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Stock Performance

The stock has a market cap of $2.86 billion, a P/E ratio of -5.02, a price-to-earnings-growth ratio of 0.78 and a beta of -0.18. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The stock’s 50 day simple moving average is $5.59 and its two-hundred day simple moving average is $3.98.

Institutional Investors Weigh In On VNET Group

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its holdings in VNET Group by 622.8% during the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock worth $4,690,000 after purchasing an additional 852,519 shares in the last quarter. Norges Bank bought a new position in shares of VNET Group during the fourth quarter worth about $1,708,000. SG Americas Securities LLC raised its position in VNET Group by 534.6% in the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock valued at $1,931,000 after buying an additional 343,140 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in VNET Group by 472.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 278,801 shares of the information technology services provider’s stock valued at $1,322,000 after buying an additional 230,068 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in VNET Group by 237.7% in the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after acquiring an additional 210,124 shares in the last quarter. 72.83% of the stock is owned by 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.