MY.Alpha Management HK Advisors Ltd Has $10.98 Million Holdings in VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• MY.Alpha Management HK Advisors Ltd significantly reduced its stake in VNET Group, Inc. by 60.6%, now holding approximately 1.34 million shares worth around $10.98 million.
• VNET Group recently reported earnings of ($0.12) EPS, missing analysts' estimates and revealing a revenue of $309.52 million for the quarter.
• Despite its challenges, VNET Group initiated a share repurchase program, which is often seen as a move indicating management's belief that the stock is undervalued.

MY.Alpha Management HK Advisors Ltd cut its stake in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 60.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,339,472 shares of the information technology services provider's stock after selling 2,058,755 shares during the quarter. VNET Group makes up approximately 5.5% of MY.Alpha Management HK Advisors Ltd's holdings, making the stock its 8th biggest position. MY.Alpha Management HK Advisors Ltd owned about 0.52% of VNET Group worth $10,984,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in VNET Group by 111.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,197 shares of the information technology services provider's stock worth $670,000 after purchasing an additional 42,710 shares in the last quarter. Hsbc Holdings PLC bought a new stake in VNET Group in the fourth quarter worth $66,000. Cetera Investment Advisers bought a new stake in VNET Group in the fourth quarter worth $102,000. Oppenheimer & Co. Inc. purchased a new stake in VNET Group during the 1st quarter valued at $207,000. Finally, Barclays PLC raised its holdings in 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 buying an additional 4,939 shares during the period. 72.83% of the stock is currently owned by institutional investors.

VNET Group Stock Performance

Shares of VNET Group stock opened at $7.77 on Monday. The stock's fifty day moving average is $7.31 and its two-hundred day moving average is $7.82. The company has a market capitalization of $2.09 billion, a PE ratio of -777.00, a price-to-earnings-growth ratio of 4.23 and a beta of 0.18. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.34. VNET Group, Inc. - Unsponsored ADR has a 52 week low of $1.75 and a 52 week high of $16.13.

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

VNET Group declared that its board has initiated a share repurchase program on Friday, June 27th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the information technology services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded VNET Group from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $9.30.

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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