Millennium Management LLC Lowers Stock Holdings in VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• Millennium Management LLC has reduced its stake in VNET Group by 52%, holding approximately $21.97 million worth of shares after selling over 2.8 million shares.
• VNET Group reported disappointing financial results, with an EPS of ($0.01) that missed analysts' expectations, and a significant revenue shortfall compared to consensus estimates.
• Wall Street analysts are mixed on VNET Group's prospects, with a majority giving it a 'Buy' rating while Bank of America raised the price target from $11.80 to $12.60.

Millennium Management LLC decreased its position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 52.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,679,766 shares of the information technology services provider's stock after selling 2,898,605 shares during the quarter. Millennium Management LLC owned approximately 1.04% of VNET Group worth $21,974,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in VNET. Barclays PLC grew 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 acquiring an additional 4,939 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of VNET Group in the 1st quarter worth $36,000. Summit Securities Group LLC bought a new stake in shares of VNET Group in the 1st quarter worth $40,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of VNET Group in the 4th quarter worth about $41,000. Finally, Liontrust Investment Partners LLP bought a new position in VNET Group during the first quarter valued at about $78,000. Institutional investors own 72.83% of the company's stock.

Analysts Set New Price Targets

VNET has been the topic of several research reports. Bank of America lifted their price objective on shares of VNET Group from $11.80 to $12.60 and gave the stock a "buy" rating in a research report on Friday, August 22nd. Wall Street Zen lowered shares of VNET Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Two research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $9.96.

VNET Group Stock Performance

NASDAQ VNET traded up $0.10 during trading on Thursday, hitting $9.95. 7,112,179 shares of the company's stock traded hands, compared to its average volume of 6,999,695. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of -124.38, a PEG ratio of 6.27 and a beta of 0.16. VNET Group, Inc. - Unsponsored ADR has a 12-month low of $2.98 and a 12-month high of $16.13. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.97 and a current ratio of 0.97. The business has a 50 day moving average of $8.30 and a 200-day moving average of $7.43.

VNET Group (NASDAQ:VNET - Get Free Report) last released its quarterly earnings data on Thursday, August 21st. The information technology services provider reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.03). The business had revenue of $339.65 million for the quarter, compared to analysts' expectations of $2.27 billion. VNET Group had a net margin of 0.74% and a return on equity of 0.98%. VNET Group has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

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

VNET Group Company 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.