Vident Advisory LLC Increases Holdings in VNET Group, Inc. (NASDAQ:VNET)

Vident Advisory LLC increased its stake in VNET Group, Inc. (NASDAQ:VNET - Free Report) by 91.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 283,296 shares of the information technology services provider's stock after purchasing an additional 135,467 shares during the period. Vident Advisory LLC owned approximately 0.11% of VNET Group worth $1,343,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Triata Capital Ltd purchased a new stake in VNET Group in the fourth quarter worth $47,377,000. Millennium Management LLC boosted its position in VNET Group by 3.4% in 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. boosted its holdings in shares of VNET Group by 4.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,145,529 shares of the information technology services provider's stock worth $10,170,000 after buying an additional 93,891 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new stake in VNET Group during the fourth quarter valued at approximately $7,183,000. Finally, Bank of America Corp DE grew its position in VNET Group by 610.2% during the fourth 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. 72.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

VNET Group Trading Up 2.9%

VNET Group stock traded up $0.16 during mid-day trading on Thursday, hitting $5.55. The company's stock had a trading volume of 2,136,449 shares, compared to its average volume of 4,575,030. 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 stock has a market cap of $1.49 billion, a PE ratio of -2.48, a P/E/G ratio of 1.01 and a beta of 0.14. VNET Group, Inc. has a one year low of $1.71 and a one year high of $16.13. The company has a 50 day moving average of $6.35 and a 200-day moving average of $6.81.

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 for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The company had revenue of $309.52 million for the quarter, compared to analysts' expectations of $2.22 billion. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. During the same quarter last year, the company earned ($0.28) earnings per share. On average, research analysts anticipate that VNET Group, Inc. will post -0.06 EPS for the current year.

VNET Group 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.