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

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

Wall Street Analyst Weigh In

Several research firms have commented on VNET. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. UBS Group lifted their price objective 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. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a research note on Wednesday, October 9th. Finally, The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $3.10 to $5.00 in a research note on Friday, November 29th. One research 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, VNET Group presently has an average rating of “Buy” and a consensus price target of $4.78.

VNET Group Trading Up 7.5 %

The stock has a market cap of $1.43 billion, a P/E ratio of -2.51 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. The business’s 50 day simple moving average is $3.95 and its two-hundred day simple moving average is $3.14.

Hedge Funds Weigh In On VNET Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Inspire Investing LLC acquired a new stake in shares of VNET Group during the third quarter valued at about $1,092,000. Virtu Financial LLC acquired a new stake in VNET Group during the 3rd quarter worth approximately $519,000. Millennium Management LLC grew its holdings in VNET Group by 89.1% during 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 acquiring an additional 1,400,683 shares during the last quarter. Blue Trust Inc. increased its position in VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after acquiring an additional 37,322 shares during the period. Finally, Anson Funds Management LP raised its stake in shares of VNET Group by 84.9% during the third 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. Institutional investors and hedge funds own 72.83% of the company’s stock.

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.