Creative Planning Grows Stock Position in VNET Group, Inc. (NASDAQ:VNET)

Creative Planning raised its holdings in VNET Group, Inc. (NASDAQ:VNET) by 124.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 117,139 shares of the information technology services provider’s stock after buying an additional 64,866 shares during the quarter. Creative Planning’s holdings in VNET Group were worth $478,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VNET. Catalina Capital Group LLC purchased a new position in shares of VNET Group in the first quarter worth about $26,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of VNET Group in the first quarter worth about $328,000. Headlands Technologies LLC raised its stake in shares of VNET Group by 1,199.7% in the first 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 last quarter. Maso Capital Partners Ltd raised its stake in shares of VNET Group by 15.6% in the first quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock worth $2,873,000 after purchasing an additional 250,000 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new position in shares of VNET Group in the second quarter worth about $36,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on VNET shares. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research note on Wednesday, October 9th. Citigroup started 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. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Finally, Hsbc Global Res raised VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $3.97.

VNET Group Stock Down 9.6 %

Shares of VNET opened at $3.29 on Thursday. 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 $3.41 and its two-hundred day moving average is $2.50. The firm has a market cap of $846.85 million, a P/E ratio of -1.41, a PEG ratio of 6.98 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.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $274.35 million for 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%. Analysts predict that VNET Group, Inc. will post 0.02 earnings per share for the current fiscal year.

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.