MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 68,562 Shares of VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in VNET Group, Inc. by 3.2%, resulting in ownership of approximately 2,076,967 shares, valued at $17,031,000.
• VNET Group reported a loss in earnings per share of ($0.01) for the recent quarter, missing analyst expectations, with a net revenue of $339.65 million.
• Analyst ratings for VNET Group are mixed, with Wall Street Zen downgrading the stock to a "sell" while Bank of America increased its price target, suggesting a consensus rating of "Buy".

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. decreased its stake in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 3.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,076,967 shares of the information technology services provider's stock after selling 68,562 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.81% of VNET Group worth $17,031,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in VNET. Barclays PLC raised its position in shares of VNET Group by 229.3% during the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock worth $34,000 after purchasing an additional 4,939 shares during the period. Quantbot Technologies LP acquired a new stake in shares of VNET Group during the first quarter worth about $36,000. Summit Securities Group LLC acquired a new stake in shares of VNET Group during the first quarter worth about $40,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of VNET Group during the fourth quarter worth about $41,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of VNET Group during the fourth quarter worth about $66,000. Institutional investors and hedge funds own 72.83% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on VNET shares. Bank of America raised their price target on 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 VNET Group from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Two research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $9.96.

VNET Group Stock Up 5.0%

Shares of NASDAQ:VNET traded up $0.46 during trading on Friday, hitting $9.57. 10,288,407 shares of the company were exchanged, compared to its average volume of 6,429,998. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 2.40. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of -119.63, a P/E/G ratio of 6.09 and a beta of 0.16. VNET Group, Inc. - Unsponsored ADR has a fifty-two week low of $2.67 and a fifty-two week high of $16.13. The firm has a fifty day moving average price of $8.10 and a two-hundred day moving average price of $7.41.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its earnings results on Thursday, August 21st. The information technology services provider reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.03). The business had revenue of $339.65 million for the quarter, compared to analyst estimates of $2.27 billion. VNET Group had a return on equity of 0.98% and a net margin of 0.74%. VNET Group has set its FY 2025 guidance at EPS. As a group, 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 has initiated a stock buyback plan 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 plans are often a sign that the company's board of directors 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.