VNET Group (NASDAQ:VNET) Reaches New 1-Year High – Still a Buy?

VNET Group, Inc. (NASDAQ:VNET)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $4.50 and last traded at $4.44, with a volume of 1234517 shares trading hands. The stock had previously closed at $4.12.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a research report on Wednesday, October 9th. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and increased their target price for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group increased their target price on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. Citigroup started coverage on shares of VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price for the company. Finally, Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Up 4.1 %

The business’s 50 day moving average is $3.73 and its 200-day moving average is $2.81. 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 capitalization of $1.10 billion, a price-to-earnings ratio of -1.86 and a beta of -0.19.

Hedge Funds Weigh In On VNET Group

Institutional investors have recently added to or reduced their stakes in the company. Wolverine Trading LLC bought a new position in shares of VNET Group in the third quarter worth about $46,000. Ballentine Partners LLC acquired a new stake in shares of VNET Group during the 2nd quarter worth approximately $36,000. Walleye Capital LLC acquired a new stake in shares of VNET Group during the 3rd quarter worth approximately $115,000. AXA S.A. acquired a new position in VNET Group during the second quarter valued at approximately $65,000. Finally, Blue Trust Inc. grew its holdings 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 period. 72.83% of the stock is owned by institutional investors.

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.