VNET Group (NASDAQ:VNET) Reaches New 52-Week High – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s stock price reached a new 52-week high on Thursday . The company traded as high as $8.56 and last traded at $8.51, with a volume of 8591775 shares changing hands. The stock had previously closed at $7.54.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group boosted their target price 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 research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $4.78.

VNET Group Trading Up 0.7 %

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 business has a fifty day simple moving average of $5.25 and a 200-day simple moving average of $3.79.

Institutional Investors Weigh In On VNET Group

Large investors have recently bought and sold shares of the stock. Wolverine Trading LLC bought a new position in shares of VNET Group during the 3rd quarter worth about $46,000. Catalina Capital Group LLC acquired a new position in VNET Group during the 4th quarter worth approximately $54,000. Walleye Capital LLC bought a new position in VNET Group in the third quarter worth approximately $115,000. Asset Management One Co. Ltd. acquired a new stake in VNET Group in the fourth quarter valued at approximately $152,000. Finally, Blue Trust Inc. raised its position in shares of VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after purchasing an additional 37,322 shares during the period. 72.83% of the stock is currently 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.