VNET Group (NASDAQ:VNET) Reaches New 12-Month High – Here’s Why

VNET Group, Inc. (NASDAQ:VNET)’s stock price reached a new 52-week high on Monday . The stock traded as high as $4.55 and last traded at $4.55, with a volume of 319188 shares changing hands. The stock had previously closed at $4.27.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on VNET. UBS Group boosted their target price on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research report on Wednesday, October 9th. 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 price objective for the company. Finally, The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, VNET Group has a consensus rating of “Buy” and an average target price of $4.78.

VNET Group Stock Down 5.6 %

The firm has a market capitalization of $1.22 billion, a P/E ratio of -2.14 and a beta of -0.19. 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’s 50-day moving average is $3.79 and its 200 day moving average is $3.04.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC lifted its stake in VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after acquiring an additional 1,400,683 shares in the last quarter. Inspire Investing LLC acquired a new stake in shares of VNET Group in the third quarter valued at approximately $1,092,000. Geode Capital Management LLC lifted its position in shares of VNET Group by 237.7% in the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after purchasing an additional 210,124 shares in the last quarter. Anson Funds Management LP boosted its holdings in VNET Group by 84.9% during 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 last quarter. Finally, JPMorgan Chase & Co. grew its position in VNET Group by 136,783.0% in the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after purchasing an additional 136,783 shares in the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

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.