StockNews.com upgraded shares of VNET Group (NASDAQ:VNET – Free Report) from a sell rating to a hold rating in a report issued on Saturday morning.
Separately, Bank of America upgraded shares of VNET Group from a neutral rating to a buy rating and lowered their price objective for the stock from $3.90 to $2.70 in a research note on Tuesday, March 19th.
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VNET Group Stock Performance
VNET Group (NASDAQ:VNET – Get Free Report) last released its quarterly earnings results on Wednesday, May 29th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.13). VNET Group had a negative return on equity of 15.69% and a negative net margin of 39.32%. The firm had revenue of $262.89 million during the quarter, compared to analysts’ expectations of $258.78 million.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in VNET. Pacer Advisors Inc. acquired a new position in shares of VNET Group in the fourth quarter worth about $2,021,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of VNET Group by 14.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,525,707 shares of the information technology services provider’s stock valued at $4,379,000 after buying an additional 188,593 shares during the period. AI Squared Management Ltd purchased a new stake in shares of VNET Group in the 4th quarter valued at approximately $893,000. Jump Financial LLC grew its stake in shares of VNET Group by 101.6% in the 4th quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock valued at $242,000 after buying an additional 42,537 shares during the period. Finally, Virtu Financial LLC lifted its holdings in shares of VNET Group by 135.9% in the 4th quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock worth $293,000 after acquiring an additional 58,817 shares during the last quarter. 72.83% of the stock is currently owned by institutional investors and hedge funds.
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.
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