Independent Advisor Alliance Takes Position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Key Points

• The Independent Advisor Alliance has invested approximately $2.85 million in VNET Group, acquiring 347,113 shares during the first quarter, which represents 0.13% ownership of the company.
• Institutional investors now hold 72.83% of VNET's stock, with several hedge funds making significant acquisitions in the fourth quarter, including Triata Capital Ltd, which invested around $47.4 million.
• Wall Street analysts have updated VNET Group's rating from "sell" to "hold", with a consensus target price of $9.30, indicating a generally positive outlook on the stock.

Independent Advisor Alliance bought a new stake in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 347,113 shares of the information technology services provider's stock, valued at approximately $2,846,000. Independent Advisor Alliance owned approximately 0.13% of VNET Group at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in VNET. JPMorgan Chase & Co. raised its stake in VNET Group by 622.8% during 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 in the last quarter. Renaissance Technologies LLC bought a new stake in shares of VNET Group in the 4th quarter worth $250,000. Barclays PLC raised its stake 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 worth $34,000 after buying an additional 4,939 shares in the last quarter. Jump Financial LLC bought a new stake in shares of VNET Group in the 4th quarter worth $1,694,000. Finally, PEAK6 LLC bought a new stake in shares of VNET Group in the 4th quarter worth $474,000. Institutional investors own 72.83% of the company's stock.

VNET Group Trading Down 0.7%

Shares of VNET Group stock traded down $0.06 on Thursday, reaching $7.95. 4,451,906 shares of the company were exchanged, compared to its average volume of 7,935,658. VNET Group, Inc. - Unsponsored ADR has a fifty-two week low of $1.72 and a fifty-two week high of $16.13. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of -795.00, a price-to-earnings-growth ratio of 3.18 and a beta of 0.18. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.34. The stock has a fifty day moving average price of $7.24 and a 200-day moving average price of $7.80.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $2.22 billion. During the same period in the prior year, the company posted ($0.28) earnings per share. On average, analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current year.

VNET Group declared that its Board of Directors has approved a stock repurchase program on Friday, June 27th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the information technology services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of VNET Group from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target 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.