Mirae Asset Global Investments Co. Ltd. Purchases 42,710 Shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Mirae Asset Global Investments Co. Ltd. grew its position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 111.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 81,197 shares of the information technology services provider's stock after buying an additional 42,710 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in VNET Group were worth $670,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Hsbc Holdings PLC acquired a new position in VNET Group during the fourth quarter valued at approximately $66,000. Cetera Investment Advisers acquired a new position in shares of VNET Group in the 4th quarter valued at approximately $102,000. Oppenheimer & Co. Inc. acquired a new position in shares of VNET Group during the 1st quarter worth $207,000. Barclays PLC grew its holdings in shares of VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 4,939 shares during the last quarter. Finally, Norges Bank bought a new stake in VNET Group during the 4th quarter worth $1,708,000. Institutional investors own 72.83% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Wall Street Zen lowered VNET Group from a "hold" rating to a "sell" rating in a research report on Saturday. Citigroup boosted their price target on shares of VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, VNET Group has an average rating of "Buy" and a consensus price target of $9.30.

VNET Group Price Performance

VNET Group stock opened at $7.75 on Friday. The firm has a market capitalization of $2.08 billion, a P/E ratio of -775.00, a PEG ratio of 1.46 and a beta of 0.14. VNET Group, Inc. - Unsponsored ADR has a one year low of $1.71 and a one year high of $16.13. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.10 and a quick ratio of 1.10. The business has a fifty day moving average price of $6.13 and a 200-day moving average price of $7.24.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). VNET Group had a net margin of 1.66% and a return on equity of 2.11%. The company had revenue of $309.52 million for the quarter, compared to analysts' expectations of $2.22 billion. During the same period in the previous year, the firm earned ($0.28) EPS. As a group, equities research analysts forecast that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current year.

VNET Group declared that its board has approved a share repurchase plan on Friday, June 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the information technology services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are 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.

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