Hsbc Holdings PLC Makes New $66,000 Investment in VNET Group, Inc. (NASDAQ:VNET)

Hsbc Holdings PLC bought a new position in shares of VNET Group, Inc. (NASDAQ:VNET) during the fourth quarter, Holdings Channel reports. The institutional investor bought 13,889 shares of the information technology services provider’s stock, valued at approximately $66,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Barclays PLC raised its holdings in shares of VNET Group by 229.3% during the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 4,939 shares during the period. Headlands Technologies LLC increased its holdings in shares of VNET Group by 5.7% in the 4th quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider’s stock worth $685,000 after acquiring an additional 7,737 shares during the period. Catalina Capital Group LLC acquired a new stake in shares of VNET Group in the 4th quarter worth about $54,000. Blue Trust Inc. increased its holdings in shares of VNET Group by 29.1% in the 4th quarter. Blue Trust Inc. now owns 54,311 shares of the information technology services provider’s stock worth $257,000 after acquiring an additional 12,237 shares during the period. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of VNET Group in the 4th quarter worth about $80,000. 72.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Citigroup increased their price objective on shares of VNET Group from $16.10 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 14th. StockNews.com cut shares of VNET Group from a “hold” rating to a “sell” rating in a report on Tuesday, May 6th. Finally, Nomura Securities raised shares of VNET Group to a “strong-buy” rating in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $9.30.

VNET Group Stock Performance

Shares of VNET opened at $7.23 on Tuesday. The firm has a 50-day moving average price of $7.47 and a 200 day moving average price of $6.64. The firm has a market capitalization of $1.86 billion, a PE ratio of -3.26, a P/E/G ratio of 1.01 and a beta of 0.14. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. VNET Group, Inc. has a 52-week low of $1.71 and a 52-week high of $16.13.

VNET Group (NASDAQ:VNET) last announced its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). The company had revenue of $307.75 million during the quarter, compared to the consensus estimate of $284.88 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. On average, sell-side analysts anticipate that VNET Group, Inc. will post -0.06 earnings per share for the current fiscal year.

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.