Diversify Wealth Management LLC Takes Position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Diversify Wealth Management LLC acquired a new position in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 153,406 shares of the information technology services provider's stock, valued at approximately $1,258,000. Diversify Wealth Management LLC owned about 0.06% of VNET Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Barclays PLC raised its position in 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 purchasing an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of VNET Group in the fourth quarter valued at about $41,000. Hsbc Holdings PLC acquired a new stake in shares of VNET Group in the fourth quarter valued at about $66,000. Tower Research Capital LLC TRC acquired a new stake in shares of VNET Group in the fourth quarter valued at about $80,000. Finally, Cetera Investment Advisers acquired a new stake in shares of VNET Group in the fourth quarter valued at about $102,000. 72.83% of the stock is currently owned by institutional investors.

VNET Group Trading Up 14.1%

NASDAQ VNET traded up $0.98 during trading hours on Friday, hitting $7.95. 13,390,867 shares of the company's stock were exchanged, compared to its average volume of 5,160,931. The stock has a 50-day simple moving average of $6.26 and a 200 day simple moving average of $7.35. VNET Group, Inc. - Unsponsored ADR has a 1-year low of $1.71 and a 1-year high of $16.13. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of -795.00, a PEG ratio of 1.31 and a beta of 0.14. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.34.

VNET Group (NASDAQ:VNET - Get Free Report) last released its earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). VNET Group had a return on equity of 2.11% and a net margin of 1.66%. 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 prior year, the business earned ($0.28) EPS. On average, equities analysts forecast 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 permits the company to repurchase $0.00 in shares. This repurchase authorization permits the information technology services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on VNET shares. Citigroup increased their price target on VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Wall Street Zen cut VNET Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, VNET Group has an average 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.