Greenwoods Asset Management Hong Kong Ltd. Invests $5.21 Million in VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• Greenwoods Asset Management Hong Kong acquired 648,500 VNET Group shares worth approximately $5.21 million, representing about 0.24% of the company and 0.2% of the firm’s portfolio.
• Institutional investors own approximately 72.83% of VNET, while several funds recently increased their positions.
• VNET has a consensus “Moderate Buy” rating with an average price target of $16.90, but the stock opened at $6.07 and the company missed quarterly EPS estimates despite reporting revenue above expectations.

Greenwoods Asset Management Hong Kong Ltd. acquired a new position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 648,500 shares of the information technology services provider's stock, valued at approximately $5,214,000. VNET Group accounts for approximately 0.2% of Greenwoods Asset Management Hong Kong Ltd.'s portfolio, making the stock its 17th largest holding. Greenwoods Asset Management Hong Kong Ltd. owned approximately 0.24% of VNET Group at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Sei Investments Co. grew its position in VNET Group by 3.0% in the 1st quarter. Sei Investments Co. now owns 37,602 shares of the information technology services provider's stock worth $316,000 after purchasing an additional 1,098 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of VNET Group by 26.8% during the first quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider's stock valued at $46,000 after buying an additional 1,160 shares during the last quarter. Orion Porfolio Solutions LLC raised its holdings in shares of VNET Group by 6.1% during the third quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider's stock valued at $222,000 after buying an additional 1,237 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of VNET Group by 52.2% during the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider's stock valued at $29,000 after buying an additional 1,426 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its position in shares of VNET Group by 14.5% during the third quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider's stock worth $118,000 after buying an additional 1,446 shares during the period. 72.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

VNET has been the topic of several analyst reports. Zacks Research upgraded VNET Group from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 27th. Bank of America set a $16.30 price target on VNET Group and gave the stock a "buy" rating in a research report on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft initiated coverage on VNET Group in a research note on Tuesday, July 7th. They issued a "buy" rating and a $12.50 price target for the company. Wall Street Zen lowered VNET Group from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Finally, Weiss Ratings cut shares of VNET Group from a "sell (d+)" rating to a "sell (d)" rating in a research note on Tuesday. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $16.90.

VNET Group Price Performance

NASDAQ VNET opened at $6.07 on Thursday. VNET Group, Inc. - Unsponsored ADR has a 12 month low of $5.91 and a 12 month high of $14.48. The firm has a market capitalization of $1.64 billion, a PE ratio of -4.27 and a beta of 0.28. The company's 50 day simple moving average is $7.33 and its 200 day simple moving average is $8.83. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.97 and a quick ratio of 0.97.

VNET Group (NASDAQ:VNET - Get Free Report) last released its earnings results on Tuesday, August 18th. The information technology services provider reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.04). The firm had revenue of $409.00 million during the quarter, compared to analyst estimates of $401.77 million. VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%. As a group, equities research analysts forecast that VNET Group, Inc. - Unsponsored ADR will post -0.27 EPS for the current fiscal year.

VNET Group Profile

VNET Group, Inc NASDAQ: VNET is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company's product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.

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