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

VNET Group, Inc. (NASDAQ:VNET) shares hit a new 52-week high on Wednesday . The company 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.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. 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. 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 note on Friday, November 29th. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, UBS Group upped their price objective on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. One 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 MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Performance

The stock’s 50 day moving average is $3.95 and its 200 day moving average is $3.14. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -2.51 and a beta of -0.24.

Hedge Funds Weigh In On VNET Group

A number of large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in 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 valued at $558,000 after buying an additional 136,783 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of VNET Group in the third quarter valued at about $519,000. Geode Capital Management LLC grew its stake 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 valued at $1,218,000 after acquiring an additional 210,124 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in VNET Group in the 3rd quarter valued at about $191,000. Finally, Anson Funds Management LP grew its position 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 buying an additional 206,580 shares in the last quarter. 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.