Infini Capital Management Ltd Sells 1,156,688 Shares of VNET Group, Inc. – Unsponsored ADR $VNET

Infini Capital Management Ltd decreased its stake in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 11.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,601,395 shares of the information technology services provider’s stock after selling 1,156,688 shares during the quarter. VNET Group makes up about 87.1% of Infini Capital Management Ltd’s holdings, making the stock its biggest position. Infini Capital Management Ltd owned approximately 3.20% of VNET Group worth $88,852,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of VNET Group in the second quarter worth $54,199,000. Oxbow Capital Management HK Ltd boosted its position in VNET Group by 64.3% during the second quarter. Oxbow Capital Management HK Ltd now owns 5,750,000 shares of the information technology services provider’s stock valued at $39,675,000 after purchasing an additional 2,250,000 shares during the last quarter. BNP Paribas Financial Markets grew its stake in VNET Group by 674.8% in the second quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock valued at $23,067,000 after purchasing an additional 2,911,604 shares in the last quarter. Bank of America Corp DE grew its stake in VNET Group by 288.5% in the second quarter. Bank of America Corp DE now owns 2,577,675 shares of the information technology services provider’s stock valued at $17,786,000 after purchasing an additional 1,914,201 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in VNET Group by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 2,517,966 shares of the information technology services provider’s stock worth $26,011,000 after purchasing an additional 24,007 shares during the last quarter. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

VNET Group Stock Performance

VNET opened at $9.79 on Tuesday. The company has a debt-to-equity ratio of 2.88, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $2.63 billion, a PE ratio of -32.63, a price-to-earnings-growth ratio of 0.75 and a beta of 0.01. The stock has a 50-day moving average of $10.92 and a 200-day moving average of $9.80. VNET Group, Inc. – Unsponsored ADR has a 52-week low of $4.65 and a 52-week high of $14.48.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $16.30.

VNET Group Profile

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.