Pacer Advisors Inc. Invests $7.86 Million in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Key Points

• Pacer Advisors Inc. acquired 957,900 shares of VNET Group, Inc. - Unsponsored ADR, valued at approximately $7.85 million, now holding around 0.37% of the company.
• VNET Group reported quarterly earnings of ($0.12) EPS, missing the consensus estimate and generating revenue of $309.52 million, significantly lower than the expected $2.22 billion.
• Analyst ratings for VNET Group have improved, with one analyst upgrading the stock from a "sell" to a "hold" rating, while the consensus rating remains a "Buy" with a target price of $9.30.

Pacer Advisors Inc. purchased a new position in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 957,900 shares of the information technology services provider's stock, valued at approximately $7,855,000. Pacer Advisors Inc. owned about 0.37% of VNET Group as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Barclays PLC raised its stake in shares of VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock worth $34,000 after purchasing an additional 4,939 shares in the last quarter. Headlands Technologies LLC raised its stake in VNET Group by 5.7% in the 4th quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider's stock valued at $685,000 after acquiring an additional 7,737 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in VNET Group in the 4th quarter valued at $41,000. Bingham Private Wealth LLC bought a new stake in VNET Group in the 1st quarter valued at $86,000. Finally, Hsbc Holdings PLC bought a new stake in VNET Group in the 4th quarter valued at $66,000. Institutional investors and hedge funds own 72.83% of the company's stock.

VNET Group Trading Up 5.5%

VNET Group stock traded up $0.45 during mid-day trading on Thursday, hitting $8.47. 1,747,934 shares of the stock were exchanged, compared to its average volume of 8,142,328. 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, Inc. - Unsponsored ADR has a 12 month low of $1.71 and a 12 month high of $16.13. The firm's fifty day simple moving average is $6.76 and its two-hundred day simple moving average is $7.66. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -845.50, a PEG ratio of 1.82 and a beta of 0.14.

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) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The company had revenue of $309.52 million for the quarter, compared to analyst estimates of $2.22 billion. VNET Group had a return on equity of 2.11% and a net margin of 1.66%. During the same period last year, the business earned ($0.28) EPS. Analysts forecast that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current year.

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

Analyst Ratings Changes

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

VNET Group Company 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.