Mirae Asset Global Investments Co. Ltd. Sells 23,565 Shares of VNET Group, Inc. (NASDAQ:VNET)

Mirae Asset Global Investments Co. Ltd. trimmed its stake in VNET Group, Inc. (NASDAQ:VNET) by 38.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,487 shares of the information technology services provider’s stock after selling 23,565 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in VNET Group were worth $168,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in VNET Group in the 3rd quarter worth about $262,000. Creative Planning raised its holdings in VNET Group by 124.1% in the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after buying an additional 64,866 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of VNET Group by 785.4% in the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after buying an additional 37,322 shares in the last quarter. WT Asset Management Ltd purchased a new stake in shares of VNET Group during the third quarter valued at approximately $326,000. Finally, GSA Capital Partners LLP increased 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 acquiring an additional 73,311 shares in the last quarter. 72.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on VNET. UBS Group upped 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. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $3.10 to $5.00 in a report on Friday, November 29th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $4.78.

VNET Group Stock Up 3.9 %

Shares of VNET Group stock opened at $11.75 on Friday. VNET Group, Inc. has a twelve month low of $1.42 and a twelve month high of $11.77. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The company’s 50 day moving average is $5.89 and its 200 day moving average is $4.09. The company has a market cap of $3.02 billion, a price-to-earnings ratio of -5.29, a price-to-earnings-growth ratio of 0.78 and a beta of -0.18.

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.