Diversify Advisory Services LLC Buys New Shares in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Diversify Advisory Services LLC acquired a new position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 43,489 shares of the information technology services provider's stock, valued at approximately $357,000.

A number of other hedge funds have also recently modified their holdings of the business. American Century Companies Inc. raised its holdings in shares of VNET Group by 20.4% in the fourth quarter. American Century Companies Inc. now owns 474,929 shares of the information technology services provider's stock worth $2,251,000 after buying an additional 80,516 shares during the last quarter. JPMorgan Chase & Co. raised its stake in VNET Group by 622.8% during the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider's stock worth $4,690,000 after purchasing an additional 852,519 shares during the period. Norges Bank purchased a new position in VNET Group during the fourth quarter worth about $1,708,000. Arrowstreet Capital Limited Partnership purchased a new position in VNET Group during the fourth quarter worth about $1,811,000. Finally, Headlands Technologies LLC raised its stake in shares of VNET Group by 5.7% in the 4th quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider's stock valued at $685,000 after acquiring an additional 7,737 shares during the period. Institutional investors own 72.83% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of VNET Group from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $9.30.

VNET Group Stock Down 4.2%

VNET Group stock traded down $0.36 during midday trading on Thursday, reaching $8.38. The stock had a trading volume of 1,717,247 shares, compared to its average volume of 8,293,942. The firm's fifty day simple moving average is $6.60 and its 200-day simple moving average is $7.57. VNET Group, Inc. - Unsponsored ADR has a 1-year low of $1.71 and a 1-year high of $16.13. The stock has a market capitalization of $2.25 billion, a P/E ratio of -841.50, a price-to-earnings-growth ratio of 1.52 and a beta of 0.14. 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 (NASDAQ:VNET - Get Free Report) last released its earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The company had revenue of $309.52 million for 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 in the previous year, the company posted ($0.28) earnings per share. As a group, analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current fiscal year.

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

About VNET Group

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.