VNET Group (NASDAQ:VNET) Hits New 52-Week High - Still a Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $6.47 and last traded at $6.31, with a volume of 1403518 shares trading hands. The stock had previously closed at $5.60.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. The Goldman Sachs Group raised VNET Group from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. Hsbc Global Res upgraded VNET Group to a "strong-buy" rating in a report on Wednesday, October 9th. UBS Group boosted their price objective on VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a research report on Friday, November 29th. Finally, HSBC upgraded shares of VNET Group from a "hold" rating to a "buy" rating and set a $5.20 target price on the stock in a report on Wednesday, October 9th. One equities 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $4.78.

VNET Group Stock Up 12.5 %

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 $1.62 billion, a price-to-earnings ratio of -2.84, a PEG ratio of 0.53 and a beta of -0.24. The firm has a 50-day moving average price of $4.32 and a two-hundred day moving average price of $3.36.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in VNET. Wolverine Trading LLC bought a new stake in VNET Group during the 3rd quarter worth about $46,000. Walleye Capital LLC acquired a new stake in shares of VNET Group in the third quarter valued at about $115,000. AXA S.A. bought a new stake in VNET Group during the second quarter worth about $65,000. Blue Trust Inc. boosted its position 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 purchasing an additional 37,322 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in VNET Group in the third quarter valued at approximately $191,000. Institutional investors and hedge funds own 72.83% of the company's stock.

VNET Group Company Profile

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.