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300,000 Shares in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET) Purchased by China Universal Asset Management Co. Ltd.

VNET Group logo with Computer and Technology background

China Universal Asset Management Co. Ltd. bought a new stake in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 300,000 shares of the information technology services provider's stock, valued at approximately $2,460,000. China Universal Asset Management Co. Ltd. owned 0.12% of VNET Group at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VNET. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in VNET Group by 472.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 278,801 shares of the information technology services provider's stock valued at $1,322,000 after purchasing an additional 230,068 shares during the period. American Century Companies Inc. boosted its position in shares of VNET Group by 20.4% during the 4th quarter. American Century Companies Inc. now owns 474,929 shares of the information technology services provider's stock worth $2,251,000 after acquiring an additional 80,516 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of 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 acquiring an additional 852,519 shares during the last quarter. Norges Bank purchased a new position in shares of VNET Group in the 4th quarter valued at about $1,708,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of VNET Group in the 4th quarter valued at about $1,811,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

VNET Group Stock Performance

Shares of VNET traded up $0.98 during midday trading on Friday, reaching $7.95. 13,390,867 shares of the stock were exchanged, compared to its average volume of 5,160,931. The business's 50-day moving average price is $6.26 and its 200 day moving average price is $7.35. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.10 and a quick ratio of 1.10. 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 market capitalization of $2.14 billion, a price-to-earnings ratio of -795.00, a PEG ratio of 1.31 and a beta of 0.14.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its 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). VNET Group had a return on equity of 2.11% and a net margin of 1.66%. The firm had revenue of $309.52 million for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter last year, the firm posted ($0.28) EPS. On average, sell-side analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current fiscal year.

VNET Group declared that its board has initiated a share buyback program 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 buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on VNET. Citigroup increased their price objective on VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a report on Friday, March 14th. Wall Street Zen downgraded VNET Group from a "hold" rating to a "sell" rating in a report on Saturday, July 5th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $9.30.

Read Our Latest Research Report on VNET

VNET Group Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for VNET Group (NASDAQ:VNET)

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