Verition Fund Management LLC Lowers Stock Holdings in VNET Group, Inc. (NASDAQ:VNET)

Verition Fund Management LLC lessened its stake in shares of VNET Group, Inc. (NASDAQ:VNET - Free Report) by 14.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,100,000 shares of the information technology services provider's stock after selling 350,000 shares during the quarter. Verition Fund Management LLC owned 0.82% of VNET Group worth $8,568,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Ballentine Partners LLC purchased a new stake in VNET Group during the 2nd quarter worth approximately $36,000. Walleye Capital LLC acquired a new stake in VNET Group in the 3rd quarter valued at about $115,000. AXA S.A. purchased a new position in shares of VNET Group in the 2nd quarter valued at about $65,000. Blue Trust Inc. grew its position in shares of VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider's stock worth $172,000 after buying an additional 37,322 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of VNET Group during the third quarter worth approximately $199,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

VNET Group Stock Performance

NASDAQ VNET traded up $0.35 on Monday, reaching $4.23. The stock had a trading volume of 2,210,364 shares, compared to its average volume of 1,575,198. The stock has a market cap of $1.09 billion, a P/E ratio of -1.91 and a beta of -0.27. VNET Group, Inc. has a 12-month low of $1.39 and a 12-month high of $4.50. The business's 50-day moving average price is $3.69 and its 200 day moving average price is $2.73. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

Wall Street Analysts Forecast Growth

VNET has been the subject of several recent analyst reports. Hsbc Global Res raised shares of VNET Group to a "strong-buy" rating in a research report on Wednesday, October 9th. HSBC raised VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price objective for the company in a research report on Wednesday, October 9th. The Goldman Sachs Group raised VNET Group from a "neutral" rating to a "buy" rating and raised their target price for the stock from $3.10 to $5.00 in a research report on Friday. Citigroup initiated coverage on VNET Group in a research note on Wednesday, September 4th. They set a "buy" rating and a $4.00 target price for the company. Finally, StockNews.com raised shares of VNET Group from a "sell" rating to a "hold" rating in a report on Wednesday, August 21st. One equities research 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 company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $4.78.

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.