Bank of America Corp DE Purchases 1,029,963 Shares of VNET Group, Inc. (NASDAQ:VNET)

Bank of America Corp DE raised its stake in shares of VNET Group, Inc. (NASDAQ:VNET - Free Report) by 610.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,198,750 shares of the information technology services provider's stock after purchasing an additional 1,029,963 shares during the period. Bank of America Corp DE owned 0.47% of VNET Group worth $5,682,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Asset Management One Co. Ltd. bought a new stake in VNET Group during the fourth quarter valued at about $152,000. Hsbc Holdings PLC bought a new stake in VNET Group during the fourth quarter valued at about $66,000. JPMorgan Chase & Co. grew its holdings in VNET Group by 136,783.0% during the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider's stock valued at $558,000 after purchasing an additional 136,783 shares during the period. Barclays PLC grew its holdings in VNET Group by 229.3% during the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 4,939 shares during the period. Finally, Norges Bank bought a new stake in VNET Group during the fourth quarter valued at about $1,708,000. Institutional investors own 72.83% of the company's stock.

VNET Group Trading Up 1.3%

VNET stock traded up $0.07 during midday trading on Thursday, reaching $5.46. 4,042,315 shares of the company traded hands, compared to its average volume of 4,598,211. VNET Group, Inc. has a 52-week low of $1.71 and a 52-week high of $16.13. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The business has a 50 day moving average of $6.28 and a 200-day moving average of $6.82. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of -2.46, a P/E/G ratio of 1.01 and a beta of 0.14.

VNET Group (NASDAQ:VNET - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. The company had revenue of $309.52 million for the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter last year, the company earned ($0.28) earnings per share. As a group, sell-side analysts expect that VNET Group, Inc. will post -0.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.