Banque Cantonale Vaudoise Acquires New Position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Banque Cantonale Vaudoise bought a new position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 383,700 shares of the information technology services provider's stock, valued at approximately $3,146,000. Banque Cantonale Vaudoise owned about 0.15% of VNET Group as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Valliance Asset Management Ltd purchased a new position in VNET Group in the 1st quarter worth about $1,640,000. Pacer Advisors Inc. purchased a new position in VNET Group in the 1st quarter worth about $7,855,000. Navellier & Associates Inc. purchased a new position in VNET Group in the 1st quarter worth about $782,000. Cetera Investment Advisers raised its position in VNET Group by 297.3% in the 1st quarter. Cetera Investment Advisers now owns 85,463 shares of the information technology services provider's stock worth $701,000 after buying an additional 63,953 shares during the last quarter. Finally, Dorsey Wright & Associates purchased a new position in VNET Group in the 1st quarter worth about $3,024,000. Hedge funds and other institutional investors own 72.83% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised VNET Group from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, VNET Group has a consensus rating of "Buy" and an average target price of $9.30.

VNET Group Stock Performance

Shares of VNET Group stock traded down $0.82 during trading hours on Friday, reaching $7.49. 8,420,045 shares of the stock traded hands, compared to its average volume of 8,186,074. The company has a 50 day moving average price of $6.84 and a 200 day moving average price of $7.68. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -749.00, a P/E/G ratio of 1.76 and a beta of 0.14. VNET Group, Inc. - Unsponsored ADR has a one year low of $1.71 and a one year high of $16.13. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.34.

VNET Group (NASDAQ:VNET - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The company had revenue of $309.52 million for the quarter, compared to the consensus estimate of $2.22 billion. VNET Group had a net margin of 1.66% and a return on equity of 2.11%. During the same quarter last year, the firm posted ($0.28) earnings per share. On average, equities research analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

VNET Group declared that its Board of Directors has initiated a share buyback plan on Friday, June 27th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the information technology services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

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.