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

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

Analyst Ratings Changes

VNET has been the topic of several analyst reports. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and increased their target price for the company from $3.10 to $5.00 in a research note on Friday, November 29th. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a research note on Wednesday, October 9th. Finally, UBS Group raised their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. One 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $4.78.

VNET Group Trading Up 12.9 %

The company’s 50 day moving average is $5.15 and its 200 day moving average is $3.76. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

Hedge Funds Weigh In On VNET Group

Institutional investors have recently modified their holdings of the stock. Catalina Capital Group LLC bought a new position in VNET Group in the fourth quarter worth approximately $54,000. Wolverine Trading LLC bought a new position in shares of VNET Group during the 3rd quarter worth $46,000. Walleye Capital LLC purchased a new position in shares of VNET Group during the third quarter valued at $115,000. Asset Management One Co. Ltd. bought a new stake in shares of VNET Group in the fourth quarter valued at about $152,000. Finally, Blue Trust Inc. lifted its stake in VNET Group by 785.4% in the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after acquiring an additional 37,322 shares during the period. 72.83% of the stock is 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.