SG Americas Securities LLC Acquires New Shares in VNET Group, Inc. (NASDAQ:VNET)

SG Americas Securities LLC acquired a new stake in VNET Group, Inc. (NASDAQ:VNET) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 64,187 shares of the information technology services provider’s stock, valued at approximately $262,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Millennium Management LLC raised its holdings in VNET Group by 89.1% in the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after purchasing an additional 1,400,683 shares in the last quarter. Maso Capital Partners Ltd raised its holdings in 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 in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in VNET Group in the first quarter worth about $328,000. Headlands Technologies LLC raised its holdings in 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 in the last quarter. Finally, AXA S.A. bought a new position in VNET Group in the second quarter worth about $65,000. 72.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

VNET has been the subject of a number of recent research reports. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Citigroup initiated coverage on VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 price target on the stock. Finally, HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $3.97.

VNET Group Price Performance

Shares of VNET stock opened at $3.64 on Monday. The stock’s 50-day simple moving average is $3.02 and its 200-day simple moving average is $2.34. The firm has a market capitalization of $936.94 million, a price-to-earnings ratio of -1.56, a PEG ratio of 7.54 and a beta of -0.30. VNET Group, Inc. has a fifty-two week low of $1.39 and a fifty-two week high of $4.50. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.87 and a current ratio of 0.87.

VNET Group (NASDAQ:VNET) last issued its earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 EPS for the quarter, beating 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%. As a group, equities analysts forecast that VNET Group, Inc. will post 0.02 earnings per share for the current fiscal year.

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.