FIL Ltd Cuts Stock Position in VNET Group, Inc. (NASDAQ:VNET)

FIL Ltd reduced its position in shares of VNET Group, Inc. (NASDAQ:VNET) by 62.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,974,790 shares of the information technology services provider’s stock after selling 10,075,230 shares during the period. FIL Ltd owned 2.32% of VNET Group worth $28,321,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in VNET Group by 622.8% in the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock valued at $4,690,000 after purchasing an additional 852,519 shares during the last quarter. HCEP Management Ltd acquired a new position in shares of VNET Group in the fourth quarter worth $2,491,000. American Century Companies Inc. increased its position in shares of VNET Group by 20.4% during the fourth quarter. American Century Companies Inc. now owns 474,929 shares of the information technology services provider’s stock worth $2,251,000 after acquiring an additional 80,516 shares during the period. SG Americas Securities LLC raised its stake in shares of VNET Group by 534.6% in the fourth quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock valued at $1,931,000 after acquiring an additional 343,140 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in VNET Group in the fourth quarter valued at $1,811,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

VNET Group Stock Performance

Shares of VNET stock opened at $5.67 on Friday. The stock’s 50-day moving average is $9.96 and its two-hundred day moving average is $6.31. 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 $1.42 and a 1 year high of $16.13. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -2.55, a PEG ratio of 1.01 and a beta of 0.15.

VNET Group (NASDAQ:VNET) last released its quarterly earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $284.88 million. Analysts predict that VNET Group, Inc. will post -0.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on VNET shares. Nomura Securities raised VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. Citigroup boosted their price target on shares of VNET Group from $16.10 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Finally, StockNews.com lowered shares of VNET Group from a “hold” rating to a “sell” rating in a report on Friday, March 14th. One research 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 company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target 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.