VNET Group, Inc. - Unsponsored ADR $VNET Stake Boosted by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in VNET Group, Inc. by 29.3%, holding 360,396 shares worth approximately $2.95 million as of the latest quarter.
• VNET Group received a rating upgrade from "sell" to "hold" by Wall Street Zen, with an average rating of "Buy" and a consensus price target of $9.30.
• Despite a missed earnings estimate with an EPS of -$0.12, VNET Group reported revenues of $309.52 million, considerably lower than analysts' expectations of $2.22 billion.

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 29.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 360,396 shares of the information technology services provider's stock after purchasing an additional 81,595 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.14% of VNET Group worth $2,955,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VNET. Barclays PLC increased its holdings in shares of VNET Group by 229.3% in the fourth 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of VNET Group in the fourth quarter valued at $41,000. Bingham Private Wealth LLC bought a new position in shares of VNET Group in the first quarter valued at $86,000. Hsbc Holdings PLC bought a new position in shares of VNET Group in the fourth quarter valued at $66,000. Finally, Tower Research Capital LLC TRC bought a new position in shares of VNET Group in the fourth quarter valued at $80,000. Institutional investors own 72.83% of the company's stock.

VNET Group Stock Up 0.8%

NASDAQ:VNET traded up $0.07 during trading hours on Monday, hitting $7.84. 1,561,974 shares of the company's stock traded hands, compared to its average volume of 7,863,486. The firm has a market cap of $2.11 billion, a P/E ratio of -782.50, a P/E/G ratio of 4.23 and a beta of 0.18. VNET Group, Inc. - Unsponsored ADR has a twelve month low of $1.79 and a twelve month high of $16.13. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.10 and a current ratio of 1.10. The stock's fifty day moving average price is $7.31 and its two-hundred day moving average price is $7.82.

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) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.11). VNET Group had a net margin of 1.66% and a return on equity of 2.11%. The business had revenue of $309.52 million for the quarter, compared to analyst estimates of $2.22 billion. During the same period in the previous year, the firm posted ($0.28) earnings per share. On average, research analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

VNET Group declared that its board has approved a stock repurchase plan 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 purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised VNET Group from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently 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.