VNET Group (NASDAQ:VNET) Hits New 1-Year High – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s share price hit a new 52-week high on Tuesday . The company traded as high as $6.47 and last traded at $6.31, with a volume of 1403518 shares trading hands. The stock had previously closed at $5.60.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on VNET. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and raised their target price for the company from $3.10 to $5.00 in a research report on Friday, November 29th. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. HSBC upgraded 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, UBS Group lifted their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday, November 29th. One equities research 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $4.78.

VNET Group Trading Up 1.0 %

The business’s fifty day moving average price is $4.43 and its 200 day moving average price is $3.40. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

Hedge Funds Weigh In On VNET Group

A number of hedge funds have recently bought and sold shares of the company. Wolverine Trading LLC bought a new stake in shares of VNET Group during the third quarter worth about $46,000. Blue Trust Inc. increased its holdings in shares of VNET Group by 29.1% in the 4th quarter. Blue Trust Inc. now owns 54,311 shares of the information technology services provider’s stock worth $257,000 after buying an additional 12,237 shares during the last quarter. Walleye Capital LLC bought a new position in shares of VNET Group in the 3rd quarter worth $115,000. AXA S.A. purchased a new stake in shares of VNET Group in the 2nd quarter valued at $65,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of VNET Group in the 3rd quarter valued at $191,000. 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.