Centiva Capital LP Reduces Position in VNET Group, Inc. (NASDAQ:VNET)

Centiva Capital LP cut its stake in VNET Group, Inc. (NASDAQ:VNET - Free Report) by 95.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,058 shares of the information technology services provider's stock after selling 777,655 shares during the period. Centiva Capital LP's holdings in VNET Group were worth $168,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Walleye Capital LLC purchased a new stake in shares of VNET Group in the 3rd quarter valued at $115,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in VNET Group during the third quarter valued at $199,000. GSA Capital Partners LLP lifted its position in VNET Group by 24.8% during the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider's stock valued at $1,506,000 after purchasing an additional 73,311 shares during the period. WT Asset Management Ltd purchased a new stake in VNET Group in the third quarter valued at $326,000. Finally, Blue Trust Inc. grew its position in VNET Group by 785.4% during the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider's stock worth $172,000 after purchasing an additional 37,322 shares during the period. Hedge funds and other institutional investors own 72.83% of the company's stock.

VNET Group Price Performance

NASDAQ:VNET traded down $0.12 during trading hours on Friday, reaching $3.99. 1,322,885 shares of the company were exchanged, compared to its average volume of 1,598,899. The stock's 50-day moving average is $3.73 and its 200-day moving average is $2.87. VNET Group, Inc. has a twelve month low of $1.39 and a twelve month high of $4.50. The firm has a market cap of $1.03 billion, a PE ratio of -1.80 and a beta of -0.19. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on VNET. Citigroup initiated coverage on VNET Group in a report on Wednesday, September 4th. They issued a "buy" rating and a $4.00 price objective for the company. The Goldman Sachs Group upgraded VNET Group from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. StockNews.com raised shares of VNET Group from a "sell" rating to a "hold" rating in a report on Wednesday, August 21st. 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. Finally, HSBC raised shares of VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price objective for the company in a report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $4.78.

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.