Dorsey Wright & Associates purchased a new position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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.
A number of other large investors have also added to or reduced their stakes in the company. American Century Companies Inc. boosted its stake in VNET Group by 20.4% during 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 acquiring an additional 80,516 shares in the last quarter. JPMorgan Chase & Co. boosted 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 acquiring an additional 852,519 shares in the last quarter. Norges Bank bought a new stake in VNET Group during the fourth quarter worth about $1,708,000. Arrowstreet Capital Limited Partnership bought a new stake in VNET Group during the fourth quarter worth about $1,811,000. Finally, Headlands Technologies LLC boosted its stake in VNET Group by 5.7% during the fourth quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider's stock worth $685,000 after acquiring an additional 7,737 shares in the last quarter. Institutional investors own 72.83% of the company's stock.
Analysts Set New Price Targets
Separately, Wall Street Zen raised shares of VNET Group from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. One research 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 company's stock. Based on data from MarketBeat.com, VNET Group currently has a consensus rating of "Buy" and an average price target of $9.30.
Get Our Latest Research Report on VNET
VNET Group Stock Down 0.8%
Shares of NASDAQ VNET traded down $0.07 during midday trading on Friday, hitting $8.26. The stock had a trading volume of 2,927,558 shares, compared to its average volume of 9,064,573. The business's 50 day moving average is $6.68 and its 200-day moving average is $7.62. The company has a market cap of $2.22 billion, a P/E ratio of -826.00, a PEG ratio of 1.55 and a beta of 0.14. VNET Group, Inc. - Unsponsored ADR has a 52 week low of $1.71 and a 52 week high of $16.13. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.34.
VNET Group (NASDAQ:VNET - Get Free Report) last issued its earnings results 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 during the quarter, compared to the consensus estimate 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 prior year, the company posted ($0.28) EPS. As a group, analysts predict that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current year.
VNET Group declared that its Board of Directors has initiated a stock repurchase program on Friday, June 27th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.
VNET Group Company Profile
(
Free Report)
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.
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