Mirae Asset Global Investments Co. Ltd. Decreases Position in VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• Mirae Asset cut its stake in VNET by 81.6% in Q4, selling 157,058 shares and leaving it with 35,450 shares valued at about $300,000.
• Director David Lifeng Chen sold 83,544 shares on March 23 at an average price of $1.51, a transaction that reduced his ownership by 20% and left insiders owning about 12.1% of the company.
• Analysts are mixed—two Buys and one Sell lead to a consensus "Hold" with an average target of $18.08; VNET missed Q earnings (EPS $0.00 vs. $0.04 est.) despite revenue beating estimates.

Mirae Asset Global Investments Co. Ltd. trimmed its stake in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 81.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,450 shares of the information technology services provider's stock after selling 157,058 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in VNET Group were worth $300,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Orion Porfolio Solutions LLC lifted its position in VNET Group by 6.1% in the third quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider's stock worth $222,000 after buying an additional 1,237 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in VNET Group by 52.2% during the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 1,426 shares during the last quarter. Raymond James Financial Inc. increased its position in VNET Group by 14.5% during the third quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider's stock valued at $118,000 after acquiring an additional 1,446 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of VNET Group by 13.3% in the fourth quarter. Farther Finance Advisors LLC now owns 13,689 shares of the information technology services provider's stock valued at $116,000 after acquiring an additional 1,611 shares during the period. Finally, Personal CFO Solutions LLC lifted its holdings in shares of VNET Group by 7.0% in the 4th quarter. Personal CFO Solutions LLC now owns 35,562 shares of the information technology services provider's stock worth $301,000 after acquiring an additional 2,336 shares during the last quarter. Hedge funds and other institutional investors own 72.83% of the company's stock.

Insider Activity at VNET Group

In other news, Director David Lifeng Chen sold 83,544 shares of the firm's stock in a transaction that occurred 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 transaction, the director directly owned 334,164 shares of the company's stock, valued at approximately $504,587.64. This trade represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 12.10% of the company's stock.

Analyst Upgrades and Downgrades

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

VNET Group Stock Up 4.3%

NASDAQ:VNET opened at $9.22 on Friday. The company has a market cap of $2.48 billion, a price-to-earnings ratio of -31.79 and a beta of 0.16. VNET Group, Inc. - Unsponsored ADR has a twelve month low of $5.14 and a twelve month high of $14.48. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 2.68. The stock has a fifty day simple moving average of $9.75 and a 200-day simple moving average of $9.74.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings results on Monday, March 16th. The information technology services provider reported $0.00 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.04). VNET Group had a positive return on equity of 1.36% and a negative net margin of 2.48%.The company had revenue of $384.07 million during the quarter, compared to the consensus estimate of $368.64 million. Analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post 0.23 EPS for the current year.

VNET Group Profile

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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