Dorsey Wright & Associates Makes New Investment in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Dorsey Wright & Associates purchased a new position in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 368,816 shares of the information technology services provider's stock, valued at approximately $3,024,000. Dorsey Wright & Associates owned about 0.14% of VNET Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barclays PLC raised its holdings in shares of VNET Group by 229.3% during the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of VNET Group during the fourth quarter worth approximately $41,000. Hsbc Holdings PLC acquired a new position in VNET Group in the 4th quarter valued at $66,000. Tower Research Capital LLC TRC acquired a new position in VNET Group in the 4th quarter valued at $80,000. Finally, Bingham Private Wealth LLC purchased a new position in VNET Group in the 1st quarter valued at $86,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Trading Down 4.7%

NASDAQ:VNET traded down $0.41 during trading hours on Thursday, hitting $8.33. The company had a trading volume of 4,411,729 shares, compared to its average volume of 9,064,525. VNET Group, Inc. - Unsponsored ADR has a 1 year low of $1.71 and a 1 year high of $16.13. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.34. The company has a 50-day moving average of $6.60 and a 200 day moving average of $7.57. The company has a market cap of $2.24 billion, a P/E ratio of -833.00, a P/E/G ratio of 1.64 and a beta of 0.14.

VNET Group (NASDAQ:VNET - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The firm had revenue of $309.52 million for the quarter, compared to analyst estimates of $2.22 billion. VNET Group had a return on equity of 2.11% and a net margin of 1.66%. During the same quarter in the previous year, the business posted ($0.28) earnings per share. Sell-side analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current year.

VNET Group declared that its Board of Directors has authorized a stock repurchase program on Friday, June 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the information technology services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of VNET Group from a "sell" rating to a "hold" rating in a research 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 given a strong buy rating to the company's stock. According to MarketBeat.com, VNET Group currently has a consensus 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.