Inspire Investing LLC Trims Stake in VNET Group, Inc. (NASDAQ:VNET)

Inspire Investing LLC decreased its stake in shares of VNET Group, Inc. (NASDAQ:VNET) by 14.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 228,546 shares of the information technology services provider’s stock after selling 39,048 shares during the quarter. Inspire Investing LLC’s holdings in VNET Group were worth $1,083,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in VNET. Millennium Management LLC boosted its stake in shares of VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after acquiring an additional 1,400,683 shares during the last quarter. Anson Funds Management LP lifted its holdings in VNET Group by 84.9% in the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after purchasing an additional 206,580 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of VNET Group by 534.6% during the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock worth $1,931,000 after purchasing an additional 343,140 shares during the last quarter. GSA Capital Partners LLP grew its holdings 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 worth $1,506,000 after buying an additional 73,311 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of VNET Group by 237.7% in the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after buying an additional 210,124 shares during the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

VNET has been the subject of several recent analyst reports. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a research note on Wednesday, October 9th. UBS Group lifted their price objective on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $4.78.

VNET Group Stock Up 7.7 %

VNET stock opened at $6.85 on Friday. VNET Group, Inc. has a 52 week low of $1.39 and a 52 week high of $6.86. 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 business has a fifty day simple moving average of $4.50 and a 200-day simple moving average of $3.43.

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.