VNET Group (NASDAQ:VNET) Sets New 52-Week High – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $6.47 and last traded at $6.31, with a volume of 1403518 shares changing hands. The stock had previously closed at $5.60.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. UBS Group boosted their price target on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a report on Friday, November 29th. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. 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, The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $3.10 to $5.00 in a report on Friday, November 29th. One investment 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 company. According to MarketBeat, VNET Group has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Price Performance

The company has a 50 day simple moving average of $4.32 and a 200 day simple moving average of $3.36. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -2.83, a price-to-earnings-growth ratio of 0.53 and a beta of -0.24. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in VNET. AXA S.A. acquired a new stake in shares of VNET Group during the second quarter worth $65,000. Millennium Management LLC raised its stake in VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after acquiring an additional 1,400,683 shares during the period. SG Americas Securities LLC bought a new position in VNET Group in the third quarter worth about $262,000. Inspire Investing LLC acquired a new position in VNET Group in the third quarter valued at approximately $1,092,000. Finally, Creative Planning grew its holdings in shares of VNET Group by 124.1% during the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after purchasing an additional 64,866 shares during the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

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.