JPMorgan Chase & Co. Cuts Holdings in VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• JPMorgan Chase & Co. cut its position in VNET by 73.6% in Q3, selling 376,205 shares and retaining 135,212 shares worth about $1.397 million.
• Institutional ownership is high at 72.83%, with several funds (Orion, Raymond James, Truist, Asset Management One) modestly increasing stakes while others adjusted positions.
• VNET missed EPS expectations (reported $0.00 vs. $0.04) but beat revenue ($384.07M vs. $368.64M) and trades with a negative P/E and ~ $2.24 billion market cap; meanwhile, director David Lifeng Chen sold 83,544 shares (a ~20% reduction) and insiders hold about 12.10% of the stock.

JPMorgan Chase & Co. cut its position in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 73.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 135,212 shares of the information technology services provider's stock after selling 376,205 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.05% of VNET Group worth $1,397,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in VNET. Orion Porfolio Solutions LLC lifted its stake in shares of VNET Group by 6.1% during the 3rd 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 in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of VNET Group by 52.2% during the 2nd 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 in the last quarter. Raymond James Financial Inc. lifted its stake in shares of VNET Group by 14.5% during the 3rd quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider's stock valued at $118,000 after buying an additional 1,446 shares in the last quarter. Truist Financial Corp lifted its stake in shares of VNET Group by 18.9% during the 3rd quarter. Truist Financial Corp now owns 22,189 shares of the information technology services provider's stock valued at $229,000 after buying an additional 3,524 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its stake in shares of VNET Group by 15.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 30,440 shares of the information technology services provider's stock valued at $314,000 after buying an additional 3,971 shares in the last quarter. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

VNET Group Stock Up 4.9%

VNET opened at $8.34 on Thursday. The company has a fifty day moving average price of $10.42 and a 200-day moving average price of $9.87. The firm has a market capitalization of $2.24 billion, a P/E ratio of -28.76 and a beta of 0.16. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.92 and a quick ratio of 0.90. VNET Group, Inc. - Unsponsored ADR has a one year low of $4.65 and a one year high of $14.48.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings data on Monday, March 16th. The information technology services provider reported $0.00 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.04). The company had revenue of $384.07 million for the quarter, compared to analysts' expectations of $368.64 million. VNET Group had a negative net margin of 2.48% and a positive return on equity of 1.36%. Equities research analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on VNET shares. Jefferies Financial Group restated a "buy" rating and set a $23.55 price target on shares of VNET Group in a research note on Monday, March 16th. Bank of America restated a "buy" rating on shares of VNET Group in a research note on Monday, March 16th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of VNET Group in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $18.08.

Insider Buying and Selling at VNET Group

In other news, Director David Lifeng Chen sold 83,544 shares of the firm's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $1.51, for a total transaction of $126,151.44. Following the sale, the director owned 334,164 shares in the company, valued at approximately $504,587.64. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 12.10% of the company's stock.

About VNET Group

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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