Harvest Fund Management Co. Ltd Acquires New Holdings in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Key Points

• Harvest Fund Management Co. Ltd acquired 39,043 shares of VNET Group, Inc. valued at approximately $320,000, indicating growing interest from institutional investors.
• VNET Group received a rating upgrade from Wall Street Zen, moving from "sell" to "hold," with a consensus rating of "Buy" and an average price target of $9.30.
• Despite its stock trading down 3.1%, VNET Group reported a revenue of $309.52 million last quarter, missing analyst expectations significantly.

Harvest Fund Management Co. Ltd purchased a new position in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 39,043 shares of the information technology services provider's stock, valued at approximately $320,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VNET. Barclays PLC raised its holdings in shares of VNET Group by 229.3% in the 4th 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 period. Headlands Technologies LLC raised its holdings in shares of VNET Group by 5.7% in the 4th quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider's stock valued at $685,000 after purchasing an additional 7,737 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of VNET Group in the 4th quarter valued at about $41,000. Bingham Private Wealth LLC bought a new stake in shares of VNET Group in the 1st quarter valued at about $86,000. Finally, Hsbc Holdings PLC bought a new stake in shares of VNET Group in the 4th quarter valued at about $66,000. 72.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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 research analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, VNET Group currently has an average rating of "Buy" and a consensus price target of $9.30.

VNET Group Trading Down 9.9%

NASDAQ VNET traded down $0.82 during mid-day trading on Friday, reaching $7.49. 8,420,045 shares of the stock were exchanged, compared to its average volume of 7,129,111. VNET Group, Inc. - Unsponsored ADR has a one year low of $1.71 and a one year high of $16.13. The stock has a 50 day simple moving average of $6.87 and a 200-day simple moving average of $7.70. The stock has a market cap of $2.01 billion, a P/E ratio of -749.00, a P/E/G ratio of 3.38 and a beta of 0.18. 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 announced its earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The firm had revenue of $309.52 million for 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 period in the prior year, the business earned ($0.28) EPS. On average, analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current year.

VNET Group announced that its Board of Directors has approved a stock repurchase program on Friday, June 27th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the information technology services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

About VNET Group

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.