VNET Group (NASDAQ:VNET) Reaches New 52-Week High - Should You Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $5.70 and last traded at $5.57, with a volume of 7671584 shares traded. The stock had previously closed at $5.18.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on VNET shares. 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. The Goldman Sachs Group raised 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. HSBC raised shares of VNET Group from a "hold" rating to a "buy" rating and set a $5.20 target price on the stock in a research report on Wednesday, October 9th. Finally, Hsbc Global Res raised shares of VNET Group to a "strong-buy" rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $4.78.

VNET Group Trading Up 3.4 %

The stock's 50 day moving average is $4.00 and its 200-day moving average is $3.16. The company has a market cap of $1.48 billion, a P/E ratio of -2.59 and a beta of -0.24. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Trading of VNET Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Millennium Management LLC grew its holdings in shares of VNET Group by 89.1% in the second 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 period. Inspire Investing LLC purchased a new position in VNET Group in the third quarter worth about $1,092,000. Geode Capital Management LLC grew its stake in shares of 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. Anson Funds Management LP increased its position in shares of VNET Group by 84.9% during the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider's stock valued at $1,836,000 after purchasing an additional 206,580 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of VNET Group by 136,783.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider's stock worth $558,000 after purchasing an additional 136,783 shares during the period. 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.