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

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s share price reached a new 52-week high during trading on Monday . The company traded as high as $4.55 and last traded at $4.55, with a volume of 319188 shares. The stock had previously closed at $4.27.

Analyst Ratings Changes

Several brokerages have issued reports on VNET. UBS Group boosted their target price on shares of VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a research note on Friday, November 29th. Hsbc Global Res raised VNET Group to a "strong-buy" rating in a research note on Wednesday, October 9th. HSBC raised VNET Group from a "hold" rating to a "buy" rating and set a $5.20 target price on the stock in a research note on Wednesday, October 9th. Citigroup initiated coverage on shares of VNET Group in a report on Wednesday, September 4th. They set a "buy" rating and a $4.00 price target for the company. Finally, The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and upped their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. One 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 company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $4.78.

VNET Group Stock Performance

The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -2.26 and a beta of -0.19. The firm's 50 day moving average is $3.73 and its 200-day moving average is $3.00.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in VNET. Millennium Management LLC lifted its position in VNET Group by 89.1% during the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider's stock worth $6,229,000 after acquiring an additional 1,400,683 shares during the last quarter. Anson Funds Management LP increased its stake in shares of VNET Group by 84.9% in the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider's stock worth $1,836,000 after purchasing an additional 206,580 shares during the period. GSA Capital Partners LLP lifted its position in shares of VNET Group by 24.8% during the 3rd quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider's stock worth $1,506,000 after purchasing an additional 73,311 shares during the last quarter. Geode Capital Management LLC boosted its stake in VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock valued at $1,218,000 after purchasing an additional 210,124 shares during the period. Finally, Inspire Investing LLC acquired a new stake in VNET Group in the 3rd quarter valued at approximately $1,092,000. 72.83% of the stock is 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.