Carmignac Gestion Raises Stock Holdings in VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• Carmignac Gestion increased its VNET Group position by 1,375.1% in the second quarter, adding 4.44 million shares to hold 4.76 million shares worth approximately $38.1 million, or 1.76% of the company.
• Analyst sentiment remains generally positive, with four Buy ratings, one Hold and one Sell, producing a consensus “Moderate Buy” rating and a $16.90 price target.
• VNET shares rose 6.0% to $6.75, but the company reported an adjusted loss of $0.06 per share versus the expected $0.02 loss. Revenue of $409 million exceeded estimates, while profitability remained weak with a negative 22.29% net margin.

Carmignac Gestion boosted its holdings in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 1,375.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,760,599 shares of the information technology services provider's stock after acquiring an additional 4,437,879 shares during the quarter. Carmignac Gestion owned 1.76% of VNET Group worth $38,123,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of VNET. Sei Investments Co. lifted its position in shares of VNET Group by 3.0% during the first quarter. Sei Investments Co. now owns 37,602 shares of the information technology services provider's stock worth $316,000 after purchasing an additional 1,098 shares during the last quarter. Parallel Advisors LLC increased its stake in VNET Group by 26.8% in the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider's stock worth $46,000 after buying an additional 1,160 shares during the period. Orion Porfolio Solutions LLC increased its stake in VNET Group by 6.1% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider's stock worth $222,000 after buying an additional 1,237 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in VNET Group by 52.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider's stock valued at $29,000 after buying an additional 1,426 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its holdings in VNET Group by 14.5% during the 3rd quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider's stock valued at $118,000 after buying an additional 1,446 shares in the last quarter. Institutional investors own 72.83% of the company's stock.

Wall Street Analyst Weigh In

VNET has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of VNET Group from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. Zacks Research upgraded VNET Group from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 27th. Jefferies Financial Group reissued a "buy" rating and issued a $24.79 price objective on shares of VNET Group in a research note on Tuesday, May 26th. Morgan Stanley restated an "overweight" rating and set a $14.00 price objective on shares of VNET Group in a report on Wednesday, August 19th. Finally, Bank of America set a $16.30 target price on VNET Group and gave the company a "buy" rating in a research report on Tuesday, May 26th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $16.90.

VNET Group Stock Up 6.0%

NASDAQ VNET traded up $0.38 during trading on Tuesday, reaching $6.75. 4,428,743 shares of the company's stock traded hands, compared to its average volume of 6,462,873. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -4.75 and a beta of 0.27. The company's 50 day simple moving average is $7.25 and its two-hundred day simple moving average is $8.67. VNET Group, Inc. - Unsponsored ADR has a 12-month low of $5.91 and a 12-month high of $14.48.

VNET Group (NASDAQ:VNET - Get Free Report) last announced its quarterly earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.04). The business had revenue of $409.00 million during the quarter, compared to analysts' expectations of $401.77 million. VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%. As a group, sell-side analysts forecast that VNET Group, Inc. - Unsponsored ADR will post -0.27 EPS for the current fiscal year.

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.

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