FIL Ltd Trims Stake in VNET Group, Inc. (NASDAQ:VNET)

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

Other large investors have also recently bought and sold shares of the company. Catalina Capital Group LLC purchased a new stake in shares of VNET Group in the fourth quarter valued at about $54,000. Wolverine Trading LLC purchased a new stake in VNET Group during the 3rd quarter valued at approximately $46,000. Wedbush Securities Inc. acquired a new stake in VNET Group during the 4th quarter worth approximately $127,000. Walleye Capital LLC purchased a new position in shares of VNET Group in the 3rd quarter valued at approximately $115,000. Finally, Asset Management One Co. Ltd. purchased a new stake in shares of VNET Group during the fourth quarter worth approximately $152,000. Institutional investors and hedge funds own 72.83% of the company's stock.

VNET Group Price Performance

VNET Group stock traded down $0.11 during mid-day trading on Tuesday, reaching $5.39. The company had a trading volume of 4,419,269 shares, compared to its average volume of 3,877,454. The stock's 50-day simple moving average is $9.86 and its 200-day simple moving average is $6.36. VNET Group, Inc. has a 1 year low of $1.42 and a 1 year high of $16.13. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $1.39 billion, a P/E ratio of -2.43, a P/E/G ratio of 1.01 and a beta of 0.15.

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VNET Group (NASDAQ:VNET - Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.04). The firm had revenue of $307.75 million during the quarter, compared to analysts' expectations of $284.88 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. On average, equities analysts predict that VNET Group, Inc. will post -0.06 EPS for the current year.

Analyst Upgrades and Downgrades

VNET has been the subject of a number of analyst reports. Nomura Securities upgraded shares of VNET Group to a "strong-buy" rating in a research report on Friday, February 21st. Citigroup boosted their target price on VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Finally, StockNews.com cut VNET Group from a "hold" rating to a "sell" rating in a report on Friday, March 14th. One equities 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's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price 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.