JPMorgan Chase & Co. Increases Holdings in VNET Group, Inc. (NASDAQ:VNET)

JPMorgan Chase & Co. raised its position in shares of VNET Group, Inc. (NASDAQ:VNET - Free Report) by 136,783.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 136,883 shares of the information technology services provider's stock after purchasing an additional 136,783 shares during the period. JPMorgan Chase & Co. owned 0.05% of VNET Group worth $558,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Virtu Financial LLC bought a new position in shares of VNET Group during the 3rd quarter worth $519,000. Geode Capital Management LLC boosted its position in VNET Group by 237.7% during the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock worth $1,218,000 after purchasing an additional 210,124 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of VNET Group in the third quarter worth about $191,000. Anson Funds Management LP raised its position in shares of VNET Group by 84.9% in the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider's stock valued at $1,836,000 after purchasing an additional 206,580 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of VNET Group during the 3rd quarter valued at approximately $343,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Price Performance

Shares of VNET traded down $0.46 during trading hours on Friday, reaching $7.03. 3,863,897 shares of the company's stock traded hands, compared to its average volume of 4,828,743. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm's 50 day simple moving average is $4.85 and its 200-day simple moving average is $3.60. The stock has a market cap of $1.81 billion, a PE ratio of -3.16, a price-to-earnings-growth ratio of 0.65 and a beta of -0.24. VNET Group, Inc. has a 12 month low of $1.39 and a 12 month high of $8.14.

Analyst Ratings Changes

VNET has been the subject of a number of recent research reports. The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price objective on the stock in a research note on Wednesday, October 9th. Hsbc Global Res raised VNET Group to a "strong-buy" rating in a report on Wednesday, October 9th. Finally, UBS Group increased their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a report on Friday, November 29th. One investment 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 has a consensus rating of "Buy" and an average target price of $4.78.

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.