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

VNET Group, Inc. (NASDAQ:VNET)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $8.56 and last traded at $8.51, with a volume of 8591775 shares traded. The stock had previously closed at $7.54.

Analyst Ratings Changes

Several research firms recently weighed in on VNET. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group raised their price target on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $4.78.

VNET Group Stock Up 0.7 %

The firm has a 50-day simple moving average of $5.25 and a 200 day simple moving average of $3.79. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in VNET. Geode Capital Management LLC increased its position 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 during the period. JPMorgan Chase & Co. increased its holdings in VNET Group by 136,783.0% in the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after purchasing an additional 136,783 shares during the period. Inspire Investing LLC bought a new position in VNET Group during the 3rd quarter worth $1,092,000. Virtu Financial LLC bought a new position in VNET Group during the 3rd quarter worth $519,000. Finally, SG Americas Securities LLC grew its position in shares of 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. 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.