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

Shares of VNET Group, Inc. (NASDAQ:VNET) hit a new 52-week high during mid-day 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group increased their price objective on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, VNET Group presently has a consensus rating of “Buy” and an average target price of $4.78.

VNET Group Price Performance

The stock has a fifty day moving average price of $6.74 and a 200-day moving average price of $4.46. The company has a market cap 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. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Hedge Funds Weigh In On VNET Group

Several hedge funds have recently bought and sold shares of the business. Vident Advisory LLC increased its position in VNET Group by 91.6% during the fourth quarter. Vident Advisory LLC now owns 283,296 shares of the information technology services provider’s stock worth $1,343,000 after buying an additional 135,467 shares during the last quarter. Squarepoint Ops LLC acquired a new position in VNET Group during the fourth quarter worth $132,000. Two Sigma Investments LP acquired a new position in VNET Group during the fourth quarter worth $2,911,000. Triata Capital Ltd acquired a new position in VNET Group during the fourth quarter worth $47,377,000. Finally, Sig Brokerage LP acquired a new stake in shares of VNET Group in the fourth quarter valued at about $270,000. 72.83% of the stock is owned by institutional investors and hedge funds.

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.