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

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) shares reached a new 52-week high on Wednesday . The stock traded as high as $13.66 and last traded at $13.64, with a volume of 3610054 shares trading hands. The stock had previously closed at $12.06.

Analysts Set New Price Targets

VNET has been the subject of several research reports. The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and raised their price objective for the company from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group raised their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a research report on Friday, November 29th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, VNET Group presently has an average rating of "Buy" and a consensus price target of $4.78.

VNET Group Stock Down 0.6 %

The company has a market cap of $3.76 billion, a P/E ratio of -6.57, a price-to-earnings-growth ratio of 1.01 and a beta of -0.18. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm's 50 day moving average price is $6.95 and its 200-day moving average price is $4.56.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Barclays PLC boosted its stake in VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in VNET Group during the fourth quarter worth $41,000. Catalina Capital Group LLC acquired a new position in VNET Group during the fourth quarter worth $54,000. Wolverine Trading LLC acquired a new position in VNET Group during the third quarter worth $46,000. Finally, Hsbc Holdings PLC acquired a new position in VNET Group during the fourth quarter worth $66,000. Institutional investors 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.