Diversify Wealth Management LLC Makes New $1.26 Million Investment in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Diversify Wealth Management LLC bought a new stake 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 (SEC). The institutional investor bought 153,406 shares of the information technology services provider's stock, valued at approximately $1,258,000. Diversify Wealth Management LLC owned approximately 0.06% of VNET Group at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Barclays PLC increased its stake 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 VNET Group in the fourth quarter valued at about $41,000. Hsbc Holdings PLC bought a new position in VNET Group in the fourth quarter valued at about $66,000. Tower Research Capital LLC TRC bought a new position in VNET Group in the fourth quarter valued at about $80,000. Finally, Cetera Investment Advisers bought a new position in VNET Group in the fourth quarter valued at about $102,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

VNET Group Stock Up 14.1%

VNET Group stock traded up $1.12 during midday trading on Tuesday, reaching $9.04. The stock had a trading volume of 23,944,975 shares, compared to its average volume of 5,271,011. The firm's fifty day simple moving average is $6.26 and its 200-day simple moving average is $7.40. 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 $2.43 billion, a P/E ratio of -904.00, a price-to-earnings-growth ratio of 1.49 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 announced its earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The firm had revenue of $309.52 million during the quarter, compared to analyst estimates of $2.22 billion. VNET Group had a net margin of 1.66% and a return on equity of 2.11%. During the same period in the prior year, the business posted ($0.28) EPS. 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 has approved a share repurchase program on Friday, June 27th that allows the company to buyback $0.00 in shares. This buyback authorization allows the information technology services provider to buy shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded VNET Group from a "sell" rating to a "hold" rating in a report on Sunday. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, VNET Group presently has a consensus rating of "Buy" and a consensus target price of $9.30.

VNET Group 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.