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

China Universal Asset Management Co. Ltd. bought a new stake in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 approximately 0.12% of VNET Group at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Beverly Hills Private Wealth LLC purchased a new position in shares of VNET Group during the first quarter worth approximately $228,000. Envestnet Asset Management Inc. purchased a new position in shares of VNET Group during the first quarter worth approximately $1,652,000. GF Fund Management CO. LTD. purchased a new position in shares of VNET Group during the first quarter worth approximately $4,654,000. Shilanski & Associates Inc. purchased a new position in shares of VNET Group during the first quarter worth approximately $274,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of VNET Group by 111.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,197 shares of the information technology services provider's stock worth $670,000 after acquiring an additional 42,710 shares in the last quarter. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Trading Down 6.2%

Shares of NASDAQ VNET traded down $0.47 during mid-day trading on Wednesday, hitting $7.10. The stock had a trading volume of 2,701,964 shares, compared to its average volume of 5,073,278. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.10 and a current ratio of 1.10. VNET Group, Inc. - Unsponsored ADR has a 1 year low of $1.71 and a 1 year high of $16.13. The business has a 50 day moving average price of $6.21 and a two-hundred day moving average price of $7.30. The firm has a market cap of $1.91 billion, a P/E ratio of -709.00, a price-to-earnings-growth ratio of 1.42 and a beta of 0.14.

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

VNET Group announced that its Board of Directors has approved a share buyback plan on Friday, June 27th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the information technology services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

VNET has been the topic of several research reports. Wall Street Zen downgraded shares of VNET Group from a "hold" rating to a "sell" rating in a research note on Saturday. Citigroup lifted their price target on shares of VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target 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.