Norges Bank Acquires Shares of 360,272 VNET Group, Inc. (NASDAQ:VNET)

Norges Bank acquired a new position in VNET Group, Inc. (NASDAQ:VNET - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 360,272 shares of the information technology services provider's stock, valued at approximately $1,708,000. Norges Bank owned about 0.14% of VNET Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VNET. Walleye Capital LLC acquired a new stake in VNET Group in the 3rd quarter worth approximately $115,000. Wolverine Trading LLC bought a new position in shares of VNET Group in the third quarter valued at approximately $46,000. XTX Topco Ltd acquired a new stake in shares of VNET Group in the third quarter worth $343,000. Public Employees Retirement System of Ohio bought a new stake in shares of VNET Group during the 3rd quarter worth $191,000. Finally, Geode Capital Management LLC grew its stake in VNET Group by 237.7% in the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock valued at $1,218,000 after buying an additional 210,124 shares during the last quarter. Institutional investors own 72.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on VNET shares. Citigroup boosted their price objective on VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a research report on Friday, February 21st. Finally, StockNews.com downgraded 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 given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, VNET Group has a consensus rating of "Buy" and an average price target of $9.30.

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VNET Group Trading Down 2.0 %

VNET traded down $0.11 during trading on Tuesday, reaching $5.39. 5,693,470 shares of the company's stock were exchanged, compared to its average volume of 3,877,517. The company's fifty day moving average price is $9.86 and its 200-day moving average price is $6.36. 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 firm has a market capitalization of $1.39 billion, a PE ratio of -2.43, a P/E/G ratio of 1.01 and a beta of 0.15. VNET Group, Inc. has a fifty-two week low of $1.42 and a fifty-two week high of $16.13.

VNET Group (NASDAQ:VNET - Get Free Report) last issued 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). The firm had revenue of $307.75 million for the quarter, compared to analyst estimates of $284.88 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. As a group, equities analysts forecast that VNET Group, Inc. will post -0.06 EPS for the current year.

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.