VNET Group (NASDAQ:VNET) Hits New 12-Month High – Time to Buy?

VNET Group, Inc. (NASDAQ:VNET) hit a new 52-week high on Tuesday . The company traded as high as $7.19 and last traded at $7.18, with a volume of 5034866 shares changing hands. The stock had previously closed at $6.77.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on VNET shares. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a report on Wednesday, October 9th. UBS Group raised their price objective on shares of 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 upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $3.10 to $5.00 in a research report on Friday, November 29th. Finally, Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $4.78.

VNET Group Stock Up 6.1 %

The business’s fifty day simple moving average is $4.71 and its 200 day simple moving average is $3.54. 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 stock has a market cap of $1.85 billion, a price-to-earnings ratio of -3.23, a price-to-earnings-growth ratio of 0.55 and a beta of -0.24.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VNET. AXA S.A. acquired a new stake in shares of VNET Group in the 2nd quarter valued at approximately $65,000. Millennium Management LLC grew its position in shares of 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 during the period. SG Americas Securities LLC bought a new stake in shares of VNET Group in the 3rd quarter valued at about $262,000. Inspire Investing LLC acquired a new stake in VNET Group in the 3rd quarter valued at about $1,092,000. Finally, Creative Planning increased its position in VNET Group by 124.1% during the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after buying an additional 64,866 shares during the last quarter. 72.83% of the stock is currently owned by institutional investors.

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.