Point72 Asset Management L.P. Acquires Shares of 425,900 VNET Group, Inc. (NASDAQ:VNET)

Point72 Asset Management L.P. purchased a new position in shares of VNET Group, Inc. (NASDAQ:VNET - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 425,900 shares of the information technology services provider's stock, valued at approximately $2,019,000. Point72 Asset Management L.P. owned about 0.17% of VNET Group at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of VNET. Millennium Management LLC raised its holdings in shares of VNET Group by 3.4% during the fourth quarter. Millennium Management LLC now owns 5,578,371 shares of the information technology services provider's stock worth $26,441,000 after purchasing an additional 181,749 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of VNET Group by 4.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,145,529 shares of the information technology services provider's stock valued at $10,170,000 after buying an additional 93,891 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new position in shares of VNET Group during the 4th quarter valued at about $7,183,000. Bank of America Corp DE lifted its holdings in shares of VNET Group by 610.2% in the 4th quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider's stock valued at $5,682,000 after buying an additional 1,029,963 shares during the period. Finally, Man Group plc purchased a new stake in shares of VNET Group in the fourth quarter worth about $5,094,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on VNET shares. Wall Street Zen cut VNET Group from a "hold" rating to a "sell" rating in a research report on Tuesday, May 6th. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a report on Friday, February 21st. Finally, Citigroup raised their price target on shares of VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a research report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $9.30.

VNET Group Price Performance

VNET Group stock traded down $0.06 during trading on Monday, reaching $5.99. The company had a trading volume of 2,100,586 shares, compared to its average volume of 4,530,613. The firm has a market capitalization of $1.61 billion, a PE ratio of -2.70, a price-to-earnings-growth ratio of 1.01 and a beta of 0.14. The firm's 50-day simple moving average is $6.55 and its 200 day simple moving average is $6.81. 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 $1.71 and a 1-year high of $16.13.

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

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.