VNET Group, Inc. (NASDAQ:VNET) Stock Holdings Decreased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. reduced its stake in shares of VNET Group, Inc. (NASDAQ:VNET - Free Report) by 38.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,487 shares of the information technology services provider's stock after selling 23,565 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in VNET Group were worth $168,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Catalina Capital Group LLC bought a new position in shares of VNET Group in the 4th quarter worth about $54,000. Blue Trust Inc. lifted its position in shares of VNET Group by 29.1% in the 4th quarter. Blue Trust Inc. now owns 54,311 shares of the information technology services provider's stock worth $257,000 after buying an additional 12,237 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of VNET Group by 534.6% in the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider's stock worth $1,931,000 after buying an additional 343,140 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of VNET Group by 136,783.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider's stock worth $558,000 after buying an additional 136,783 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of VNET Group in the 3rd quarter worth about $519,000. 72.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. 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 report on Friday, November 29th. UBS Group lifted their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a research report on Friday, November 29th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, VNET Group currently has an average rating of "Buy" and a consensus target price of $4.78.

VNET Group Price Performance

Shares of VNET stock traded down $0.21 during midday trading on Monday, reaching $11.54. 17,510,612 shares of the company were exchanged, compared to its average volume of 5,087,405. VNET Group, Inc. has a 12 month low of $1.42 and a 12 month high of $13.04. The company has a market cap of $2.97 billion, a P/E ratio of -5.20, a PEG ratio of 0.78 and a beta of -0.18. The company's 50 day moving average price is $6.19 and its two-hundred day moving average price is $4.25. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

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.