311,234 Shares in VNET Group, Inc. (NASDAQ:VNET) Bought by AI Squared Management Ltd

AI Squared Management Ltd bought a new stake in VNET Group, Inc. (NASDAQ:VNET) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 311,234 shares of the information technology services provider’s stock, valued at approximately $893,000. VNET Group makes up approximately 1.1% of AI Squared Management Ltd’s holdings, making the stock its 16th largest holding.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Maven Securities LTD raised its position in shares of 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 valued at $401,000 after buying an additional 13,447 shares during the last quarter. California Public Employees Retirement System raised its holdings in VNET Group by 7.6% in the third quarter. California Public Employees Retirement System now owns 225,645 shares of the information technology services provider’s stock valued at $706,000 after buying an additional 16,026 shares during the period. Jump Financial LLC raised its position in VNET Group by 89.2% in the third 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 during the period. Quantbot Technologies LP acquired a new position in VNET Group during the 3rd quarter worth approximately $63,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in VNET Group by 14.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,525,707 shares of the information technology services provider’s stock worth $4,379,000 after acquiring an additional 188,593 shares during the period. 72.83% of the stock is currently owned by institutional investors and hedge funds.

VNET Group Stock Performance

Shares of NASDAQ:VNET traded down $0.06 on Thursday, hitting $1.93. The company’s stock had a trading volume of 537,573 shares, compared to its average volume of 1,881,607. The stock’s 50-day moving average is $1.71 and its two-hundred day moving average is $2.24. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $285.77 million, a price-to-earnings ratio of -0.80 and a beta of -0.31. VNET Group, Inc. has a 12 month low of $1.39 and a 12 month high of $3.88.

VNET Group (NASDAQ:VNET) last posted its earnings results on Wednesday, March 27th. The information technology services provider reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.50). VNET Group had a negative net margin of 35.68% and a negative return on equity of 11.15%. The business had revenue of $267.40 million during the quarter, compared to analyst estimates of $289.41 million. On average, equities research analysts forecast that VNET Group, Inc. will post -0.02 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. StockNews.com downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. Bank of America raised VNET Group from a “neutral” rating to a “buy” rating and cut their target price for the company from $3.90 to $2.70 in a research report on Tuesday, March 19th.

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.