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

Shares of VNET Group, Inc. (NASDAQ:VNET) reached a new 52-week high during trading on Wednesday . The company 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.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. The Goldman Sachs Group upgraded 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 report on Friday, November 29th. UBS Group raised 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 investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $4.78.

VNET Group Trading Up 14.0 %

The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -6.21, a price-to-earnings-growth ratio of 1.00 and a beta of -0.18. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The business has a 50 day moving average price of $6.35 and a 200-day moving average price of $4.32.

Institutional Trading of VNET Group

Several large investors have recently bought and sold shares of the company. Triata Capital Ltd purchased a new position in shares of VNET Group in the fourth quarter valued at $47,377,000. D. E. Shaw & Co. Inc. acquired a new stake in shares of VNET Group during the fourth quarter valued at about $7,183,000. Man Group plc purchased a new stake in shares of VNET Group during the fourth quarter worth about $5,094,000. Bank of America Corp DE lifted its stake in shares of VNET Group by 610.2% in the fourth quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider’s stock worth $5,682,000 after acquiring an additional 1,029,963 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in VNET Group by 622.8% in the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock valued at $4,690,000 after purchasing an additional 852,519 shares during the last quarter. 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.