VNET Group (NASDAQ:VNET) Hits New 1-Year High – Here’s What Happened

Shares of VNET Group, Inc. (NASDAQ:VNET) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $6.47 and last traded at $6.31, with a volume of 1403518 shares changing hands. The stock had previously closed at $5.60.

Analyst Ratings Changes

VNET has been the topic of a number of research analyst reports. UBS Group upped 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. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. 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 research note on Wednesday, October 9th. Finally, The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $3.10 to $5.00 in a research note on Friday, November 29th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $4.78.

VNET Group Trading Up 1.0 %

The stock’s 50-day simple moving average is $4.43 and its 200-day simple moving average is $3.40. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC increased its stake in VNET Group by 89.1% in the second 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 last quarter. Anson Funds Management LP increased its stake in VNET Group by 84.9% in the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after acquiring an additional 206,580 shares during the last quarter. SG Americas Securities LLC increased its stake in VNET Group by 534.6% in the fourth quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock valued at $1,931,000 after acquiring an additional 343,140 shares during the last quarter. GSA Capital Partners LLP increased its stake in VNET Group by 24.8% in the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock valued at $1,506,000 after acquiring an additional 73,311 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in VNET Group by 237.7% in the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after acquiring an additional 210,124 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.