Verition Fund Management LLC Sells 350,000 Shares of VNET Group, Inc. (NASDAQ:VNET)

Verition Fund Management LLC cut its holdings in VNET Group, Inc. (NASDAQ:VNET) by 14.3% during the third quarter, HoldingsChannel reports. The firm owned 2,100,000 shares of the information technology services provider’s stock after selling 350,000 shares during the period. Verition Fund Management LLC’s holdings in VNET Group were worth $8,568,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Millennium Management LLC raised its stake in VNET Group by 89.1% during the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after purchasing an additional 1,400,683 shares during the last quarter. GSA Capital Partners LLP raised its position in shares of VNET Group by 24.8% during the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock valued at $1,506,000 after buying an additional 73,311 shares during the last quarter. Inspire Investing LLC bought a new stake in shares of VNET Group in the third quarter valued at about $1,092,000. Creative Planning lifted its stake in shares of VNET Group by 124.1% in the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after buying an additional 64,866 shares during the period. Finally, WT Asset Management Ltd acquired a new stake in VNET Group during the third quarter worth about $326,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on VNET shares. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. UBS Group raised their target price on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a report on Wednesday, October 9th. Citigroup assumed coverage on shares of VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective for the company. Finally, Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, VNET Group has an average rating of “Buy” and an average price target of $4.78.

VNET Group Stock Up 0.5 %

VNET opened at $3.88 on Monday. The firm has a market cap of $998.71 million, a price-to-earnings ratio of -1.75 and a beta of -0.27. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The firm’s 50-day simple moving average is $3.69 and its 200-day simple moving average is $2.73. VNET Group, Inc. has a twelve month low of $1.39 and a twelve month high of $4.50.

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.