StockNews.com downgraded shares of VNET Group (NASDAQ:VNET – Free Report) from a hold rating to a sell rating in a research note published on Friday morning.
Separately, Bank of America upgraded VNET Group from a neutral rating to a buy rating and cut their price objective for the stock from $3.90 to $2.70 in a report on Tuesday, March 19th.
View Our Latest Stock Analysis on VNET
VNET Group Stock Down 4.9 %
VNET Group (NASDAQ:VNET – Get Free Report) last announced its quarterly earnings data on Wednesday, March 27th. The information technology services provider reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.50). VNET Group had a negative return on equity of 15.69% and a negative net margin of 39.32%. The company had revenue of $267.40 million for the quarter, compared to analysts’ expectations of $289.41 million.
Hedge Funds Weigh In On VNET Group
A number of institutional investors have recently added to or reduced their stakes in the company. Jump Financial LLC raised its position in shares of VNET Group by 89.2% in the 3rd quarter. Jump Financial LLC now owns 41,869 shares of the information technology services provider’s stock valued at $131,000 after purchasing an additional 19,734 shares in the last quarter. Maven Securities LTD grew its stake in VNET Group by 11.7% in the third quarter. Maven Securities LTD now owns 127,973 shares of the information technology services provider’s stock worth $401,000 after purchasing an additional 13,447 shares in the last quarter. Pacer Advisors Inc. acquired a new position in shares of VNET Group in the 4th quarter worth approximately $2,021,000. Mirae Asset Global Investments Co. Ltd. increased its stake in VNET Group by 14.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,525,707 shares of the information technology services provider’s stock valued at $4,379,000 after purchasing an additional 188,593 shares during the last quarter. Finally, AI Squared Management Ltd bought a new stake in shares of VNET Group during the 4th quarter valued at about $893,000. Institutional investors and hedge funds own 72.83% of the company’s stock.
About VNET Group
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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