StockNews.com upgraded shares of VNET Group (NASDAQ:VNET – Free Report) from a sell rating to a hold rating in a report published on Thursday.
Separately, Bank of America raised shares of VNET Group from a neutral rating to a buy rating and lowered their price objective for the stock from $3.90 to $2.70 in a research note on Tuesday, March 19th.
View Our Latest Analysis on VNET
VNET Group Price Performance
VNET Group (NASDAQ:VNET – Get Free Report) last issued its quarterly earnings results on Wednesday, May 29th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.13). VNET Group had a negative net margin of 39.32% and a negative return on equity of 15.69%. The firm had revenue of $262.89 million for the quarter, compared to analyst estimates of $258.78 million.
Institutional Investors Weigh In On VNET Group
Hedge funds have recently modified their holdings of the stock. Catalina Capital Group LLC acquired a new stake in VNET Group during the 1st quarter worth about $26,000. Headlands Technologies LLC raised its holdings in shares of VNET Group by 1,199.7% during the first quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock valued at $66,000 after acquiring an additional 39,050 shares during the period. Jump Financial LLC lifted its position in shares of VNET Group by 101.6% in the 4th quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock valued at $242,000 after acquiring an additional 42,537 shares in the last quarter. Virtu Financial LLC boosted its stake in VNET Group by 135.9% in the 4th quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock worth $293,000 after purchasing an additional 58,817 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in VNET Group during the 1st quarter worth approximately $328,000. 72.83% of the stock is owned by hedge funds and other institutional investors.
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.
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