Allianz Asset Management GmbH Buys 489,528 Shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Allianz Asset Management GmbH lifted its position in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 397.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 612,804 shares of the information technology services provider's stock after purchasing an additional 489,528 shares during the period. Allianz Asset Management GmbH owned about 0.24% of VNET Group worth $5,025,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in VNET. Barclays PLC lifted its position in shares of VNET Group by 229.3% during the fourth 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. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of VNET Group during the fourth quarter worth $41,000. Hsbc Holdings PLC acquired a new position in shares of VNET Group during the fourth quarter worth $66,000. Tower Research Capital LLC TRC acquired a new position in shares of VNET Group during the fourth quarter worth $80,000. Finally, Bingham Private Wealth LLC acquired a new position in shares of VNET Group during the first quarter worth $86,000. 72.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

VNET Group Trading Down 10.3%

NASDAQ VNET traded down $0.86 on Friday, hitting $7.46. 5,774,916 shares of the company were exchanged, compared to its average volume of 8,166,621. The firm has a market capitalization of $2.00 billion, a P/E ratio of -747.50, a price-to-earnings-growth ratio of 1.76 and a beta of 0.14. VNET Group, Inc. - Unsponsored ADR has a twelve month low of $1.71 and a twelve month high of $16.13. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.10 and a quick ratio of 1.10. The company's 50 day moving average price is $6.84 and its 200-day moving average price is $7.68.

VNET Group (NASDAQ:VNET - Get Free Report) last issued its earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). VNET Group had a net margin of 1.66% and a return on equity of 2.11%. The business had revenue of $309.52 million during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the prior year, the company earned ($0.28) EPS. Analysts predict that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

VNET Group declared that its board has approved a share repurchase program on Friday, June 27th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the information technology services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

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.