Peak6 LLC Purchases New Position in VNET Group, Inc. (NASDAQ:VNET)

PEAK6 LLC bought a new position in shares of VNET Group, Inc. (NASDAQ:VNET - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 100,000 shares of the information technology services provider's stock, valued at approximately $474,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VNET. JPMorgan Chase & Co. boosted its position in VNET Group by 622.8% during the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider's stock valued at $4,690,000 after acquiring an additional 852,519 shares during the last quarter. HCEP Management Ltd acquired a new position in shares of VNET Group in the 4th quarter valued at about $2,491,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of VNET Group during the 4th quarter valued at about $1,811,000. Norges Bank acquired a new stake in VNET Group during the fourth quarter worth approximately $1,708,000. Finally, Jump Financial LLC acquired a new position in shares of VNET Group during the 4th quarter valued at $1,694,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on VNET shares. Citigroup raised their target price on VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a research report on Friday, February 21st. Finally, StockNews.com downgraded shares of VNET Group from a "hold" rating to a "sell" rating in a report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $9.30.

VNET Group Stock Performance

Shares of VNET Group stock traded down $0.03 during mid-day trading on Friday, hitting $5.40. 2,315,005 shares of the stock were exchanged, compared to its average volume of 9,738,472. 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. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The company has a 50-day simple moving average of $8.98 and a 200 day simple moving average of $6.38. VNET Group, Inc. has a 12 month low of $1.51 and a 12 month 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 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 company had revenue of $307.75 million during the quarter, compared to analysts' expectations of $284.88 million. Sell-side analysts anticipate that VNET Group, Inc. will post -0.06 earnings per share for the current fiscal year.

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.