Connor Clark & Lunn Investment Management Ltd. Makes New Investment in VNET Group, Inc. (NASDAQ:VNET)

Connor Clark & Lunn Investment Management Ltd. bought a new position in VNET Group, Inc. (NASDAQ:VNET) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 48,733 shares of the information technology services provider’s stock, valued at approximately $199,000.

Several other hedge funds also recently made changes to their positions in VNET. Inspire Investing LLC purchased a new stake in VNET Group in the third quarter worth $1,092,000. Millennium Management LLC grew its position in shares of VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after buying an additional 1,400,683 shares during the period. Blue Trust Inc. increased its stake in shares of VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after acquiring an additional 37,322 shares in the last quarter. Ballentine Partners LLC purchased a new position in VNET Group during the 2nd quarter valued at about $36,000. Finally, Creative Planning boosted its stake in VNET Group by 124.1% during the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after acquiring an additional 64,866 shares in the last quarter. 72.83% of the stock is currently owned by institutional investors.

VNET Group Price Performance

Shares of NASDAQ:VNET opened at $3.88 on Monday. 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 has a market cap of $998.71 million, a price-to-earnings ratio of -1.75 and a beta of -0.27. The business has a 50-day simple moving average of $3.69 and a two-hundred day simple moving average of $2.73. VNET Group, Inc. has a fifty-two week low of $1.39 and a fifty-two week high of $4.50.

Wall Street Analyst Weigh In

VNET has been the subject of a number of analyst reports. Citigroup began coverage on VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective for the company. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $3.10 to $5.00 in a research report on Friday. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. UBS Group raised their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday. Finally, Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. One research 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, the stock presently has a consensus rating of “Buy” and a consensus price target of $4.78.

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.