VNET Group (NASDAQ:VNET) Reaches New 12-Month High – Here’s Why

VNET Group, Inc. (NASDAQ:VNET) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $10.76 and last traded at $10.86, with a volume of 3819242 shares traded. The stock had previously closed at $9.97.

Analysts Set New Price Targets

Several analysts recently commented on VNET shares. UBS Group boosted their price target on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and upped their target price for the company 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 given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Price Performance

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The business has a fifty day moving average price of $5.89 and a two-hundred day moving average price of $4.09.

Hedge Funds Weigh In On VNET Group

A number of hedge funds have recently modified their holdings of VNET. SG Americas Securities LLC purchased a new position in shares of VNET Group during the 3rd quarter worth $262,000. Creative Planning grew its holdings in shares of VNET Group by 124.1% during the 3rd quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after purchasing an additional 64,866 shares during the period. Blue Trust Inc. grew its holdings in shares of VNET Group by 785.4% during 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 period. WT Asset Management Ltd purchased a new position in shares of VNET Group during the 3rd quarter worth $326,000. Finally, GSA Capital Partners LLP lifted its stake in VNET Group by 24.8% during the 3rd quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock worth $1,506,000 after acquiring an additional 73,311 shares in the last quarter. 72.83% of the stock is currently 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.