Centiva Capital LP Sells 777,655 Shares of VNET Group, Inc. (NASDAQ:VNET)

Centiva Capital LP trimmed its holdings in VNET Group, Inc. (NASDAQ:VNET) by 95.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 41,058 shares of the information technology services provider’s stock after selling 777,655 shares during the quarter. Centiva Capital LP’s holdings in VNET Group were worth $168,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in VNET. Millennium Management LLC raised its holdings in shares of VNET Group by 89.1% in 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 buying an additional 1,400,683 shares during the last quarter. Inspire Investing LLC acquired a new stake in VNET Group in the third quarter worth about $1,092,000. WT Asset Management Ltd acquired a new stake in VNET Group in the third quarter worth about $326,000. GSA Capital Partners LLP increased its position in VNET Group by 24.8% in 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 purchasing an additional 73,311 shares during the period. Finally, Creative Planning increased its position 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 purchasing an additional 64,866 shares during the period. 72.83% of the stock is owned by institutional investors.

VNET Group Stock Performance

VNET Group stock opened at $4.11 on Friday. VNET Group, Inc. has a 12-month low of $1.39 and a 12-month high of $4.50. 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 business’s 50-day moving average price is $3.73 and its two-hundred day moving average price is $2.86. The stock has a market cap of $1.06 billion, a PE ratio of -1.85 and a beta of -0.19.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a research report on Wednesday, October 9th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $3.10 to $5.00 in a research report on Friday, November 29th. Citigroup started coverage on VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price objective for the company. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Finally, UBS Group boosted 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. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $4.78.

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.