VNET Group (NASDAQ:VNET) Reaches New 52-Week High – Time to Buy?

VNET Group, Inc. (NASDAQ:VNET)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $13.66 and last traded at $13.64, with a volume of 3610054 shares. The stock had previously closed at $12.06.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on VNET. UBS Group raised their price objective on VNET Group from $6.40 to $7.00 and gave the stock 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 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 given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $4.78.

VNET Group Price Performance

The stock’s 50 day moving average is $6.74 and its two-hundred day moving average is $4.46. 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 stock has a market capitalization of $3.76 billion, a PE ratio of -6.57, a price-to-earnings-growth ratio of 0.90 and a beta of -0.18.

Institutional Trading of VNET Group

A number of hedge funds have recently bought and sold shares of VNET. Creative Planning grew its position in shares of VNET Group by 124.1% in the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after purchasing an additional 64,866 shares in the last quarter. Blue Trust Inc. grew its holdings in VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after buying an additional 37,322 shares in the last quarter. WT Asset Management Ltd purchased a new stake in VNET Group in the 3rd quarter valued at $326,000. GSA Capital Partners LLP grew its holdings in VNET Group by 24.8% in the 3rd quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock valued at $1,506,000 after buying an additional 73,311 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in VNET Group in the 3rd quarter valued at $199,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

About VNET Group

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.