Monolith Management Ltd Buys New Shares in VNET Group, Inc. (NASDAQ:VNET)

Monolith Management Ltd acquired a new position in VNET Group, Inc. (NASDAQ:VNET - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 595,463 shares of the information technology services provider's stock, valued at approximately $2,822,000. VNET Group comprises 1.5% of Monolith Management Ltd's portfolio, making the stock its 19th biggest position. Monolith Management Ltd owned 0.23% of VNET Group at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in VNET Group by 622.8% during the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider's stock valued at $4,690,000 after purchasing an additional 852,519 shares during the last quarter. Symmetry Investments LP purchased a new stake in VNET Group in the fourth quarter worth about $2,708,000. HCEP Management Ltd bought a new stake in VNET Group during the 4th quarter valued at approximately $2,491,000. American Century Companies Inc. boosted its position in shares of VNET Group by 20.4% during the fourth quarter. American Century Companies Inc. now owns 474,929 shares of the information technology services provider's stock valued at $2,251,000 after purchasing an additional 80,516 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in VNET Group by 534.6% during the fourth quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider's stock valued at $1,931,000 after buying an additional 343,140 shares during the period. 72.83% of the stock is owned by institutional investors.

VNET Group Price Performance

Shares of NASDAQ:VNET opened at $5.42 on Friday. The firm's 50 day simple moving average is $8.98 and its two-hundred day simple moving average is $6.38. 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 $1.40 billion, a P/E ratio of -2.44, a P/E/G ratio of 1.01 and a beta of 0.15. VNET Group, Inc. has a 1-year low of $1.51 and a 1-year high of $16.13.

VNET Group (NASDAQ:VNET - Get Free Report) last issued its quarterly earnings results 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). VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The business had revenue of $307.75 million during the quarter, compared to analysts' expectations of $284.88 million. Research analysts expect that VNET Group, Inc. will post -0.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

VNET has been the subject of a number of analyst reports. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a research note on Friday, February 21st. StockNews.com lowered shares of VNET Group from a "hold" rating to a "sell" rating in a research note on Friday, March 14th. Finally, Citigroup boosted their price target on VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $9.30.

VNET Group 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.

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