Candriam S.C.A. Takes $10.50 Million Position in VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• Candriam S.C.A. acquired 1,281,000 shares of VNET Group, valued at approximately $10.5 million, representing about 0.50% of the company's stock.
• VNET Group shares recently received upgrades from analysts, with an average rating of "Buy" and a target price of $9.30.
• The company reported earnings of ($0.12) per share, missing analysts' estimates, with a revenue of $309.52 million, significantly below the expected $2.22 billion.

Candriam S.C.A. acquired a new stake in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,281,000 shares of the information technology services provider's stock, valued at approximately $10,504,000. Candriam S.C.A. owned 0.50% of VNET Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Triata Capital Ltd bought a new stake in shares of VNET Group during the fourth quarter worth about $47,377,000. Millennium Management LLC increased its position in shares of VNET Group by 3.4% during the fourth quarter. Millennium Management LLC now owns 5,578,371 shares of the information technology services provider's stock worth $26,441,000 after acquiring an additional 181,749 shares in the last quarter. Vanguard Group Inc. increased its position in shares of VNET Group by 5.3% during the first quarter. Vanguard Group Inc. now owns 5,495,446 shares of the information technology services provider's stock worth $45,063,000 after acquiring an additional 278,496 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in VNET Group by 4.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,145,529 shares of the information technology services provider's stock worth $10,170,000 after purchasing an additional 93,891 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new stake in VNET Group in the 4th quarter worth about $7,183,000. 72.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wall Street Zen cut shares of VNET Group from a "hold" rating to a "sell" rating in a research note on Saturday. Bank of America boosted their price target on shares of VNET Group from $11.80 to $12.60 and gave the company a "buy" rating in a research report on Friday, August 22nd. Two analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $9.96.

VNET Group Trading Down 1.3%

VNET Group stock traded down $0.11 during mid-day trading on Wednesday, hitting $7.71. The company's stock had a trading volume of 1,250,725 shares, compared to its average volume of 7,778,644. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of -96.31, a price-to-earnings-growth ratio of 5.45 and a beta of 0.18. The business has a 50 day moving average price of $7.60 and a 200-day moving average price of $7.81. VNET Group, Inc. - Unsponsored ADR has a 12 month low of $2.10 and a 12 month high of $16.13.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings results on Thursday, August 21st. The information technology services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). The business had revenue of $339.65 million during the quarter, compared to the consensus estimate of $2.27 billion. VNET Group had a return on equity of 0.98% and a net margin of 0.74%. VNET Group has set its FY 2025 guidance at EPS. As a group, 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 approved a stock repurchase plan on Friday, June 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the information technology services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually 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.