VNET Group (NASDAQ:VNET) Reaches New 1-Year High – Here’s Why

VNET Group, Inc. (NASDAQ:VNET) shares reached a new 52-week high on Monday . The stock traded as high as $4.50 and last traded at $4.44, with a volume of 1234517 shares traded. The stock had previously closed at $4.12.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on VNET shares. UBS Group lifted their price target on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a report on Friday, November 29th. Citigroup assumed coverage on shares of VNET Group in a research note on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price for the company. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $3.10 to $5.00 in a report on Friday, November 29th. HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective on the stock in a research note on Wednesday, October 9th. Finally, StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, VNET Group presently has an average rating of “Buy” and an average price target of $4.78.

VNET Group Trading Down 2.6 %

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The company has a market cap of $1.06 billion, a P/E ratio of -1.86 and a beta of -0.19. The business has a 50-day moving average price of $3.73 and a two-hundred day moving average price of $2.84.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of VNET. Wolverine Trading LLC bought a new stake in shares of VNET Group during the third quarter worth approximately $46,000. Ballentine Partners LLC acquired a new stake in VNET Group during the 2nd quarter worth $36,000. Walleye Capital LLC bought a new stake in shares of VNET Group during the 3rd quarter valued at $115,000. AXA S.A. acquired a new position in shares of VNET Group in the 2nd quarter valued at $65,000. Finally, Blue Trust Inc. boosted its position in shares of VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after purchasing an additional 37,322 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.

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.