VNET Group, Inc. (NASDAQ:VNET) Position Reduced by Verition Fund Management LLC

Verition Fund Management LLC trimmed its position in VNET Group, Inc. (NASDAQ:VNET) by 14.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,100,000 shares of the information technology services provider’s stock after selling 350,000 shares during the quarter. Verition Fund Management LLC owned approximately 0.82% of VNET Group worth $8,568,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Ballentine Partners LLC purchased a new position in shares of VNET Group during the second quarter valued at $36,000. Walleye Capital LLC acquired a new stake in VNET Group during the 3rd quarter worth about $115,000. AXA S.A. purchased a new position in VNET Group during the 2nd quarter valued at about $65,000. Blue Trust Inc. increased its holdings in shares of VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after purchasing an additional 37,322 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of VNET Group in the third quarter worth approximately $199,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Stock Performance

VNET opened at $3.88 on Monday. 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 company has a market cap of $998.71 million, a PE ratio of -1.75 and a beta of -0.27. The stock has a 50-day moving average of $3.69 and a 200-day moving average of $2.73. VNET Group, Inc. has a 52-week low of $1.39 and a 52-week high of $4.50.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. UBS Group upped their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday. Citigroup began coverage on VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective for the company. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a research note on Wednesday, October 9th. Finally, The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $3.10 to $5.00 in a report on Friday. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $4.78.

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.