Inspire Investing LLC Takes $1.09 Million Position in VNET Group, Inc. (NASDAQ:VNET)

Inspire Investing LLC purchased a new position in VNET Group, Inc. (NASDAQ:VNET) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 267,594 shares of the information technology services provider’s stock, valued at approximately $1,092,000.

Other hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC purchased a new position in VNET Group in the third quarter worth about $262,000. Millennium Management LLC raised its holdings in VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after acquiring an additional 1,400,683 shares during the last quarter. AXA S.A. bought a new position in VNET Group in the 2nd quarter valued at approximately $65,000. Ballentine Partners LLC purchased a new stake in VNET Group during the 2nd quarter valued at $36,000. Finally, 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. Institutional investors own 72.83% of the company’s stock.

VNET Group Stock Performance

VNET opened at $3.82 on Monday. The company’s 50 day moving average is $2.84 and its 200 day moving average is $2.27. 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 company has a market cap of $983.27 million, a price-to-earnings ratio of -1.63, a PEG ratio of 8.08 and a beta of -0.30. 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 for the quarter, topping the consensus estimate of $0.01 by $0.05. The business had revenue of $274.35 million for the quarter, compared to analysts’ expectations of $266.56 million. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. On average, equities research analysts predict that VNET Group, Inc. will post 0.02 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on VNET shares. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a report on Wednesday, October 9th. Citigroup began coverage on shares of VNET Group in a report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price on the stock. Finally, StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $3.97.

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.