VNET Group (NASDAQ:VNET) Sets New 1-Year High – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $4.55 and last traded at $4.55, with a volume of 319188 shares traded. The stock had previously closed at $4.27.

Wall Street Analysts Forecast Growth

VNET has been the subject of a number of recent research reports. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $3.10 to $5.00 in a report on Friday, November 29th. Citigroup assumed coverage on VNET Group in a report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price target for the company. UBS Group upped their target price on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a report on Wednesday, October 9th. Finally, Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $4.78.

VNET Group Trading Up 6.6 %

The stock has a market capitalization of $1.17 billion, a P/E ratio of -2.05 and a beta of -0.19. The business has a 50 day simple moving average of $3.73 and a 200-day simple moving average of $3.00. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

Hedge Funds Weigh In On VNET Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wolverine Trading LLC purchased a new stake in VNET Group in the 3rd quarter worth approximately $46,000. Ballentine Partners LLC purchased a new position in VNET Group in the second quarter valued at about $36,000. Walleye Capital LLC acquired a new stake in shares of VNET Group during the 3rd quarter valued at about $115,000. AXA S.A. bought a new stake in shares of VNET Group in the 2nd quarter valued at approximately $65,000. Finally, Blue Trust Inc. raised its position in VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after acquiring an additional 37,322 shares in the last quarter. Institutional investors and hedge funds 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.