Arrowstreet Capital Limited Partnership Acquires New Holdings in VNET Group, Inc. (NASDAQ:VNET)

Arrowstreet Capital Limited Partnership purchased a new position in VNET Group, Inc. (NASDAQ:VNET - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 382,045 shares of the information technology services provider's stock, valued at approximately $1,811,000. Arrowstreet Capital Limited Partnership owned about 0.15% of VNET Group at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in VNET. Norges Bank acquired a new stake in shares of VNET Group in the 4th quarter valued at about $1,708,000. JPMorgan Chase & Co. raised its stake in VNET Group by 622.8% during 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 buying an additional 852,519 shares in the last quarter. American Century Companies Inc. lifted its holdings in VNET Group by 20.4% during the 4th quarter. American Century Companies Inc. now owns 474,929 shares of the information technology services provider's stock worth $2,251,000 after buying an additional 80,516 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in VNET Group by 472.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 278,801 shares of the information technology services provider's stock worth $1,322,000 after buying an additional 230,068 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of VNET Group in the 4th quarter worth approximately $294,000. 72.83% of the stock is currently owned by institutional investors.

VNET Group Stock Performance

Shares of VNET traded down $0.52 during midday trading on Wednesday, hitting $4.88. 3,416,936 shares of the stock traded hands, compared to its average volume of 3,890,723. The business's 50 day moving average price is $9.79 and its two-hundred day moving average price is $6.35. The firm has a market capitalization of $1.25 billion, a PE ratio of -2.21, a price-to-earnings-growth ratio of 1.01 and a beta of 0.15. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. VNET Group, Inc. has a 1-year low of $1.42 and a 1-year high of $16.13.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.04). VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. The firm had revenue of $307.75 million for the quarter, compared to analyst estimates of $284.88 million. Equities research analysts predict that VNET Group, Inc. will post -0.06 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on VNET shares. StockNews.com lowered VNET Group from a "hold" rating to a "sell" rating in a research report on Friday, March 14th. Nomura Securities upgraded shares of VNET Group to a "strong-buy" rating in a research report on Friday, February 21st. Finally, Citigroup lifted their price target on shares of VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $9.30.

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.