VNET Group, Inc. - Unsponsored ADR $VNET Shares Sold by Millennium Management LLC

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

Several other institutional investors and hedge funds also recently made changes to their positions in VNET. Mirae Asset Global Investments Co. Ltd. grew its stake in VNET Group by 111.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,197 shares of the information technology services provider's stock worth $670,000 after buying an additional 42,710 shares during the last quarter. Cetera Investment Advisers bought a new stake in shares of VNET Group during the fourth quarter worth $102,000. Oppenheimer & Co. Inc. bought a new position in VNET Group in the first quarter valued at $207,000. Barclays PLC lifted its stake in VNET Group by 229.3% in the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 4,939 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in VNET Group in the first quarter valued at $706,000. Institutional investors own 72.83% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on VNET. Wall Street Zen lowered shares of VNET Group from a "hold" rating to a "sell" rating in a report on Saturday, August 23rd. Bank of America upped their price objective on shares of VNET Group from $11.80 to $12.60 and gave the stock a "buy" rating in a report on Friday, August 22nd. Two analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. Based on data from MarketBeat, VNET Group currently has an average rating of "Buy" and a consensus target price of $9.96.

VNET Group Stock Performance

NASDAQ VNET traded up $0.02 during trading hours on Monday, hitting $9.59. The company's stock had a trading volume of 9,705,880 shares, compared to its average volume of 6,429,998. The company's 50 day simple moving average is $8.14 and its two-hundred day simple moving average is $7.40. The company has a market cap of $2.58 billion, a P/E ratio of -119.88, a price-to-earnings-growth ratio of 6.09 and a beta of 0.16. VNET Group, Inc. - Unsponsored ADR has a 12 month low of $2.67 and a 12 month high of $16.13. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.97 and a quick ratio of 0.97.

VNET Group (NASDAQ:VNET - Get Free Report) last announced its quarterly earnings data on Thursday, August 21st. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.02 by ($0.03). The company had revenue of $339.65 million for the quarter, compared to the consensus estimate 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, sell-side analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current fiscal year.

VNET Group announced that its board has approved a share repurchase plan on Friday, June 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the information technology services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its stock is undervalued.

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.