Millennium Management LLC Boosts Stock Position in VNET Group, Inc. (NASDAQ:VNET)

Millennium Management LLC raised its position in VNET Group, Inc. (NASDAQ:VNET) by 3.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,578,371 shares of the information technology services provider’s stock after buying an additional 181,749 shares during the quarter. Millennium Management LLC owned about 2.17% of VNET Group worth $26,441,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in VNET. JPMorgan Chase & Co. raised its stake in shares of VNET Group by 136,783.0% in the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after buying an additional 136,783 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 buying an additional 343,140 shares during the period. Blue Trust Inc. raised its stake in shares of VNET Group by 29.1% in the fourth quarter. Blue Trust Inc. now owns 54,311 shares of the information technology services provider’s stock valued at $257,000 after buying an additional 12,237 shares during the period. Catalina Capital Group LLC bought a new stake in shares of VNET Group in the fourth quarter valued at $54,000. Finally, Asset Management One Co. Ltd. bought a new stake in shares of VNET Group in the fourth quarter valued at $152,000. 72.83% of the stock is currently owned by institutional investors.

VNET Group Stock Performance

NASDAQ:VNET opened at $6.30 on Tuesday. 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 52-week low of $1.71 and a 52-week high of $16.13. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -2.84, a PEG ratio of 1.01 and a beta of 0.14. The business’s fifty day moving average is $6.94 and its 200 day moving average is $6.73.

VNET Group (NASDAQ:VNET) last released its quarterly earnings data 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 net margin of 28.54% and a negative return on equity of 5.68%. The company had revenue of $307.75 million for the quarter, compared to the consensus estimate of $284.88 million. Research analysts predict that VNET Group, Inc. will post -0.06 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. StockNews.com lowered VNET Group from a “hold” rating to a “sell” rating in a research note on Tuesday, May 6th. Citigroup boosted their target price 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 upgraded VNET Group to a “strong-buy” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus 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.