Envestnet Asset Management Inc. Takes Position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Key Points

• Envestnet Asset Management Inc. has taken a new position in VNET Group, acquiring 201,496 shares valued at approximately $1.65 million, which represents about 0.08% ownership of the company.
• VNET Group reported a loss per share of ($0.12) for the most recent quarter, missing analysts' expectations significantly, with revenue falling short of forecasts at $309.52 million.
• The company's stock has a PE ratio of -802.00 and analysts have a consensus rating of "Buy," with an average price target of $9.30.

Envestnet Asset Management Inc. acquired a new stake in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 201,496 shares of the information technology services provider's stock, valued at approximately $1,652,000. Envestnet Asset Management Inc. owned about 0.08% of VNET Group as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. American Century Companies Inc. grew its stake in shares of 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 valued at $2,251,000 after purchasing an additional 80,516 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of VNET Group by 622.8% in the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider's stock valued at $4,690,000 after purchasing an additional 852,519 shares during the last quarter. Norges Bank acquired a new stake in shares of VNET Group during the 4th quarter worth approximately $1,708,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of VNET Group during the fourth quarter worth approximately $1,811,000. Finally, Headlands Technologies LLC lifted its holdings in VNET Group by 5.7% in the fourth quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider's stock valued at $685,000 after buying an additional 7,737 shares during the period. Institutional investors and hedge funds own 72.83% of the company's stock.

VNET Group Trading Down 9.9%

VNET traded down $0.82 during mid-day trading on Friday, hitting $7.49. The stock had a trading volume of 8,420,045 shares, compared to its average volume of 7,129,111. The stock's fifty day simple moving average is $6.87 and its 200-day simple moving average is $7.71. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -749.00, a price-to-earnings-growth ratio of 3.05 and a beta of 0.18. 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 debt-to-equity ratio of 2.34, a current ratio of 1.10 and a quick ratio of 1.10.

VNET Group (NASDAQ:VNET - Get Free Report) last issued its quarterly earnings data 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 previous year, the business posted ($0.28) EPS. As a group, research 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 initiated a stock repurchase plan on Friday, June 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of VNET Group from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. One analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, VNET Group currently has a consensus rating of "Buy" and an average 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.