VNET Group (NASDAQ:VNET) Hits New 52-Week High - Time to Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $7.19 and last traded at $7.18, with a volume of 5034866 shares changing hands. The stock had previously closed at $6.77.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on VNET. Hsbc Global Res upgraded shares of VNET Group to a "strong-buy" rating 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 stock from $3.10 to $5.00 in a report on Friday, November 29th. HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price objective for the company in a research note on Wednesday, October 9th. Finally, UBS Group raised their target price on VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a research note on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, VNET Group currently has a consensus rating of "Buy" and an average price target of $4.78.

VNET Group Stock Performance

The company has a market cap of $1.79 billion, a P/E ratio of -3.14, a PEG ratio of 0.65 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 company has a 50 day moving average price of $4.91 and a 200-day moving average price of $3.64.

Hedge Funds Weigh In On VNET Group

Large investors have recently bought and sold shares of the stock. Millennium Management LLC increased its stake in shares of 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 valued at $6,229,000 after acquiring an additional 1,400,683 shares during the period. SG Americas Securities LLC acquired a new position in shares of VNET Group during the 3rd quarter valued at $262,000. Inspire Investing LLC bought a new stake in shares of VNET Group in the 3rd quarter worth $1,092,000. Creative Planning lifted its holdings in shares of VNET Group by 124.1% in the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider's stock valued at $478,000 after buying an additional 64,866 shares during the period. Finally, Blue Trust Inc. boosted its stake in VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider's stock valued at $172,000 after buying an additional 37,322 shares in 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.