Envestnet Asset Management Inc. Makes New Investment 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 VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 201,496 shares of the information technology services provider's stock, valued at approximately $1,652,000. Envestnet Asset Management Inc. owned 0.08% of VNET Group as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of VNET. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of VNET Group by 111.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,197 shares of the information technology services provider's stock worth $670,000 after buying an additional 42,710 shares during the period. Hsbc Holdings PLC bought a new stake in VNET Group in the 4th quarter valued at approximately $66,000. Cetera Investment Advisers acquired a new position in VNET Group during the 4th quarter worth approximately $102,000. Oppenheimer & Co. Inc. bought a new position in shares of VNET Group during the 1st quarter worth approximately $207,000. Finally, Barclays PLC raised its holdings 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 purchasing an additional 4,939 shares during the last quarter. 72.83% of the stock is owned by institutional investors.

VNET Group Stock Down 9.9%

Shares of NASDAQ VNET traded down $0.82 during trading hours on Friday, hitting $7.49. The company had a trading volume of 8,420,045 shares, compared to its average volume of 7,129,111. 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 quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.34. The firm's 50 day moving average is $6.84 and its 200-day moving average is $7.68. The stock has a market capitalization of $2.01 billion, a P/E ratio of -749.00, a price-to-earnings-growth ratio of 3.38 and a beta of 0.18.

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

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

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 report 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, the stock 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.