VNET Group (NASDAQ:VNET) Hits New 12-Month High – What’s Next?

VNET Group, Inc. (NASDAQ:VNET)’s share price hit a new 52-week high on Wednesday . The company traded as high as $10.76 and last traded at $10.86, with a volume of 3819242 shares. The stock had previously closed at $9.97.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $3.10 to $5.00 in a report on Friday, November 29th. UBS Group upped their price target on shares of VNET Group from $6.40 to $7.00 and gave the company 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Price Performance

The firm has a market cap of $2.86 billion, a P/E ratio of -5.02, a price-to-earnings-growth ratio of 0.78 and a beta of -0.18. The stock’s 50-day moving average is $5.59 and its 200-day moving average is $3.98. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in VNET. Wolverine Trading LLC bought a new stake in shares of VNET Group in the 3rd quarter worth approximately $46,000. Catalina Capital Group LLC acquired a new stake in shares of VNET Group during the fourth quarter worth approximately $54,000. Walleye Capital LLC acquired a new stake in VNET Group during the 3rd quarter valued at $115,000. Asset Management One Co. Ltd. bought a new position in shares of VNET Group in the fourth quarter valued at about $152,000. Finally, Blue Trust Inc. raised its stake in shares of VNET Group by 785.4% in the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after acquiring an additional 37,322 shares during the last quarter. Institutional investors 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.