Monolith Management Ltd Acquires Shares of 595,463 VNET Group, Inc. (NASDAQ:VNET)

Monolith Management Ltd purchased a new stake in shares of VNET Group, Inc. (NASDAQ:VNET - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 595,463 shares of the information technology services provider's stock, valued at approximately $2,822,000. VNET Group accounts for approximately 1.5% of Monolith Management Ltd's holdings, making the stock its 19th largest holding. Monolith Management Ltd owned about 0.23% of VNET Group at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in VNET. Barclays PLC boosted its position in shares of VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock worth $34,000 after purchasing an additional 4,939 shares in the last quarter. Catalina Capital Group LLC purchased a new stake in shares of VNET Group in the 4th quarter worth $54,000. Hsbc Holdings PLC purchased a new stake in shares of VNET Group in the 4th quarter worth $66,000. Tower Research Capital LLC TRC purchased a new stake in VNET Group in the 4th quarter worth $80,000. Finally, Wedbush Securities Inc. purchased a new position in VNET Group during the 4th quarter valued at approximately $127,000. Hedge funds and other institutional investors own 72.83% of the company's stock.

VNET Group Stock Up 11.1 %

Shares of VNET stock traded up $0.63 during mid-day trading on Wednesday, hitting $6.29. The stock had a trading volume of 5,701,411 shares, compared to its average volume of 9,575,197. VNET Group, Inc. has a 12-month low of $1.66 and a 12-month high of $16.13. The firm has a market capitalization of $1.62 billion, a P/E ratio of -2.83, a price-to-earnings-growth ratio of 1.01 and a beta of 0.15. The firm's 50-day moving average is $8.52 and its two-hundred day moving average is $6.43. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Citigroup boosted their target price on VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a research report on Friday, March 14th. StockNews.com raised VNET Group from a "sell" rating to a "hold" rating in a research report on Monday. Finally, Nomura Securities raised VNET Group to a "strong-buy" rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, VNET Group presently has an average rating of "Buy" and an average 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.