GF Fund Management CO. LTD. Purchases New Stake in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

GF Fund Management CO. LTD. 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 Form 13F filing with the SEC. The firm acquired 567,601 shares of the information technology services provider's stock, valued at approximately $4,654,000. GF Fund Management CO. LTD. owned approximately 0.22% of VNET Group at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Triata Capital Ltd bought a new position in shares of VNET Group during the fourth quarter worth about $47,377,000. D. E. Shaw & Co. Inc. bought a new position in VNET Group during the 4th quarter worth approximately $7,183,000. Man Group plc acquired a new position in shares of VNET Group in the 4th quarter worth approximately $5,094,000. Bank of America Corp DE grew its position in shares of VNET Group by 610.2% in the 4th quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider's stock worth $5,682,000 after acquiring an additional 1,029,963 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings 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 acquiring an additional 852,519 shares during the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Citigroup raised their price objective on VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Wall Street Zen lowered shares of VNET Group from a "hold" rating to a "sell" rating in a report on Saturday. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, VNET Group presently has an average rating of "Buy" and an average target price of $9.30.

VNET Group Stock Up 9.5%

VNET stock opened at $7.75 on Friday. The stock has a market cap of $2.08 billion, a PE ratio of -775.00, a price-to-earnings-growth ratio of 1.46 and a beta of 0.14. The firm's 50-day simple moving average is $6.13 and its 200 day simple moving average is $7.22. VNET Group, Inc. - Unsponsored ADR has a fifty-two week low of $1.71 and a fifty-two 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 posted 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 net margin of 1.66% and a return on equity of 2.11%. The business 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) earnings per share. As a group, sell-side 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 share buyback plan on Friday, June 27th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the information technology services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

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.

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