Cetera Investment Advisers Raises Stock Position in VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• Cetera Investment Advisers significantly increased its stake in VNET Group, raising its holdings by 297.3% to 85,463 shares, valued at approximately $701,000.
• Recently, multiple institutional investors have also taken positions in VNET Group, with notable acquisitions including Bank of America and JPMorgan Chase, demonstrating increased investor interest.
• VNET Group's stock currently holds a consensus rating of "Buy" from analysts, with a price target of $9.30, despite recent earnings that missed expectations.

Cetera Investment Advisers boosted its position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 297.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 85,463 shares of the information technology services provider's stock after purchasing an additional 63,953 shares during the period. Cetera Investment Advisers' holdings in VNET Group were worth $701,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. JPMorgan Chase & Co. grew its stake in VNET Group by 622.8% in the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider's stock valued at $4,690,000 after buying an additional 852,519 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of VNET Group during the 4th quarter worth $250,000. Barclays PLC increased its holdings in VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after buying an additional 4,939 shares during the period. Jump Financial LLC bought a new stake in shares of VNET Group during the 4th quarter worth approximately $1,694,000. Finally, PEAK6 LLC bought a new stake in VNET Group during the fourth quarter worth $474,000. Institutional investors own 72.83% of the company's stock.

VNET Group Trading Up 4.3%

VNET traded up $0.33 during trading on Tuesday, reaching $8.08. 1,837,904 shares of the stock traded hands, compared to its average volume of 7,841,176. The stock has a market capitalization of $2.17 billion, a PE ratio of -806.50, a P/E/G ratio of 4.23 and a beta of 0.18. The stock's 50-day moving average is $7.35 and its 200 day moving average is $7.82. 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 $1.79 and a 12 month high of $16.13.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The company had revenue of $309.52 million during 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 quarter in the previous year, the business posted ($0.28) earnings per share. Equities analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current year.

VNET Group announced that its Board of Directors has approved a stock repurchase program on Friday, June 27th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the information technology services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Separately, Wall Street Zen raised VNET Group from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. One investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price 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.