Millennium Management LLC Purchases 1,400,683 Shares of VNET Group, Inc. (NASDAQ:VNET)

Millennium Management LLC boosted its holdings in VNET Group, Inc. (NASDAQ:VNET) by 89.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,973,358 shares of the information technology services provider’s stock after acquiring an additional 1,400,683 shares during the quarter. Millennium Management LLC owned 1.16% of VNET Group worth $6,229,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Catalina Capital Group LLC bought a new position in shares of VNET Group during the first quarter valued at $26,000. Susquehanna Fundamental Investments LLC bought a new position in VNET Group during the first quarter valued at approximately $328,000. Ballentine Partners LLC bought a new position in VNET Group during the second quarter valued at approximately $36,000. Virtu Financial LLC boosted its holdings in VNET Group by 135.9% in the fourth 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 last quarter. Finally, Headlands Technologies LLC grew its position in VNET Group by 1,199.7% in the 1st quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock worth $66,000 after purchasing an additional 39,050 shares during the period. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

VNET Group Stock Down 2.3 %

NASDAQ VNET opened at $3.90 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.47. The stock’s 50 day moving average is $2.80 and its 200 day moving average is $2.25. VNET Group, Inc. has a 12 month low of $1.39 and a 12 month high of $4.50. The stock has a market cap of $1.00 billion, a PE ratio of -1.48, a P/E/G ratio of 8.72 and a beta of -0.30.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $274.35 million during the quarter, compared to analyst estimates of $266.56 million. VNET Group had a negative return on equity of 11.44% and a negative net margin of 34.62%. Research analysts predict that VNET Group, Inc. will post 0.02 EPS for the current fiscal year.

Analyst Ratings Changes

VNET has been the topic of several research analyst reports. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a report on Wednesday. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Citigroup assumed coverage on VNET Group in a research note on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price objective for the company. Finally, HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a research note on Wednesday. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, VNET Group currently has an average rating of “Buy” and a consensus price target of $3.97.

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.