VNET Group (NASDAQ:VNET) Sets New 12-Month High - Time to Buy?

Shares of VNET Group, Inc. (NASDAQ:VNET - Get Free Report) hit a new 52-week high during mid-day 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.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on VNET. UBS Group raised their target price 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. The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and raised their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $4.78.

VNET Group Stock Performance

The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The company's 50-day simple moving average is $6.04 and its two-hundred day simple moving average is $4.17.

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC raised its position in shares of VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 4,939 shares during the period. Headlands Technologies LLC increased its holdings in VNET Group by 5.7% in the 4th quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider's stock valued at $685,000 after acquiring an additional 7,737 shares during the last quarter. Catalina Capital Group LLC bought a new stake in VNET Group in the 4th quarter valued at $54,000. Wolverine Trading LLC bought a new stake in VNET Group in the 3rd quarter valued at $46,000. Finally, Blue Trust Inc. increased its holdings in VNET Group by 29.1% in the 4th quarter. Blue Trust Inc. now owns 54,311 shares of the information technology services provider's stock valued at $257,000 after acquiring an additional 12,237 shares during the last quarter. 72.83% of the stock is currently owned by 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.