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

VNET Group, Inc. (NASDAQ:VNET)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $5.70 and last traded at $5.57, with a volume of 7671584 shares trading hands. The stock had previously closed at $5.18.

Wall Street Analyst Weigh In

Several brokerages have weighed in on VNET. HSBC raised shares of 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. 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 Global Res raised VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, UBS Group increased their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday, November 29th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $4.78.

VNET Group Trading Up 3.4 %

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 $1.48 billion, a P/E ratio of -2.59 and a beta of -0.24. The business has a 50-day moving average price of $4.04 and a two-hundred day moving average price of $3.18.

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in VNET. Millennium Management LLC boosted its position in shares of VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after purchasing an additional 1,400,683 shares during the last quarter. Inspire Investing LLC bought a new position in VNET Group during the third quarter worth about $1,092,000. Geode Capital Management LLC grew its position in shares of VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after buying an additional 210,124 shares during the period. Anson Funds Management LP increased its stake in shares of VNET Group by 84.9% in the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after acquiring an additional 206,580 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of VNET Group by 136,783.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after acquiring an additional 136,783 shares during the period. 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.