VNET Group (NASDAQ:VNET) Sets New 1-Year High - Here's Why

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $8.56 and last traded at $8.51, with a volume of 8591775 shares traded. The stock had previously closed at $7.54.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on VNET. The Goldman Sachs Group upgraded VNET Group from a "neutral" rating to a "buy" rating and upped their target price for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group increased their target price on VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a research report on Friday, November 29th. One 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's stock. According to data from MarketBeat.com, VNET Group has a consensus rating of "Buy" and an average target price of $4.78.

VNET Group Stock Up 0.7 %

The stock has a 50-day moving average price of $5.36 and a 200-day moving average price of $3.85. 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 has a market capitalization of $2.32 billion, a P/E ratio of -4.05, a P/E/G ratio of 0.78 and a beta of -0.18.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Catalina Capital Group LLC bought a new stake in VNET Group in the fourth quarter valued at $54,000. Wolverine Trading LLC bought a new position in shares of VNET Group in the third quarter valued at $46,000. Blue Trust Inc. grew its holdings in shares of VNET Group by 29.1% during the fourth quarter. Blue Trust Inc. now owns 54,311 shares of the information technology services provider's stock valued at $257,000 after buying an additional 12,237 shares during the last quarter. Walleye Capital LLC acquired a new stake in shares of VNET Group in the 3rd quarter worth about $115,000. Finally, Asset Management One Co. Ltd. acquired a new position in VNET Group during the 4th quarter valued at about $152,000. Institutional investors 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.