Geode Capital Management LLC Has $1.22 Million Stock Holdings in VNET Group, Inc. (NASDAQ:VNET)

Geode Capital Management LLC grew its holdings in shares of VNET Group, Inc. (NASDAQ:VNET - Free Report) by 237.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 298,539 shares of the information technology services provider's stock after acquiring an additional 210,124 shares during the quarter. Geode Capital Management LLC owned about 0.12% of VNET Group worth $1,218,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Ballentine Partners LLC acquired a new position in shares of VNET Group during the 2nd quarter valued at $36,000. Wolverine Trading LLC acquired a new position in VNET Group during the third quarter worth about $46,000. AXA S.A. bought a new stake in VNET Group in the second quarter worth about $65,000. Walleye Capital LLC bought a new stake in VNET Group in the third quarter worth about $115,000. Finally, Blue Trust Inc. lifted its holdings in VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider's stock valued at $172,000 after acquiring an additional 37,322 shares during the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VNET has been the topic of several recent research reports. The Goldman Sachs Group raised shares of VNET Group from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. Hsbc Global Res raised VNET Group to a "strong-buy" rating in a report on Wednesday, October 9th. UBS Group raised their price objective on VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a research note on Friday, November 29th. Finally, HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 target price on the stock in a report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $4.78.

VNET Group Stock Down 4.5 %

VNET traded down $0.26 on Friday, reaching $5.50. 4,209,391 shares of the company traded hands, compared to its average volume of 4,758,632. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -2.48 and a beta of -0.24. 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 stock's 50 day moving average price is $4.04 and its 200-day moving average price is $3.18. VNET Group, Inc. has a 52-week low of $1.39 and a 52-week high of $6.00.

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.