Mirae Asset Global Investments Co. Ltd. Lowers Stock Position in VNET Group, Inc. (NASDAQ:VNET)

Mirae Asset Global Investments Co. Ltd. decreased its holdings in VNET Group, Inc. (NASDAQ:VNET) by 12.1% in the 3rd quarter, Holdings Channel reports. The firm owned 62,052 shares of the information technology services provider’s stock after selling 8,532 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in VNET Group were worth $246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of VNET. Blue Trust Inc. increased its stake in VNET Group by 785.4% in the third 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. Creative Planning increased its position in VNET Group by 124.1% in the 3rd quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after acquiring an additional 64,866 shares during the period. Inspire Investing LLC purchased a new stake in VNET Group during the 3rd quarter valued at approximately $1,092,000. SG Americas Securities LLC acquired a new stake in VNET Group during the 3rd quarter worth approximately $262,000. Finally, Millennium Management LLC increased its holdings in shares of VNET Group by 89.1% in the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after purchasing an additional 1,400,683 shares during the period. Hedge funds and other institutional investors own 72.83% of the company’s stock.

VNET Group Stock Up 3.7 %

Shares of NASDAQ:VNET opened at $3.40 on Monday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.47. The company has a market capitalization of $875.16 million, a P/E ratio of -1.45, a P/E/G ratio of 6.80 and a beta of -0.27. VNET Group, Inc. has a 52-week low of $1.39 and a 52-week high of $4.50. The stock’s fifty day simple moving average is $3.34 and its 200-day simple moving average is $2.46.

VNET Group (NASDAQ:VNET) last released its earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The company had revenue of $274.35 million for the quarter, compared to analyst estimates of $266.56 million. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. As a group, equities research analysts forecast that VNET Group, Inc. will post 0.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on VNET. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Citigroup assumed coverage on VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective on the stock. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Finally, HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a research report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $3.97.

VNET Group 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.