Neuberger Berman Group LLC Makes New Investment in VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• Neuberger Berman Group LLC made a new investment of approximately $1.19 million in VNET Group, acquiring 144,831 shares during the first quarter.
• VNET Group's recent earnings report indicated a miss on earnings per share, reporting (-$0.12) against analysts' expectations of (-$0.01), leading to a 2.3% decline in share price.
• Institutional investors now hold 72.83% of VNET Group's stock, reflecting growing interest from various hedge funds over recent quarters.

Neuberger Berman Group LLC bought a new position in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 144,831 shares of the information technology services provider's stock, valued at approximately $1,188,000. Neuberger Berman Group LLC owned 0.06% of VNET Group as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Barclays PLC raised its holdings in shares of 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 purchasing an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of VNET Group in the fourth quarter valued at approximately $41,000. Hsbc Holdings PLC acquired a new stake in shares of VNET Group in the fourth quarter valued at approximately $66,000. Tower Research Capital LLC TRC acquired a new stake in shares of VNET Group in the fourth quarter valued at approximately $80,000. Finally, Bingham Private Wealth LLC acquired a new stake in shares of VNET Group in the first quarter valued at approximately $86,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

VNET Group Stock Down 6.6%

VNET traded down $0.5250 during trading on Thursday, reaching $7.4550. 2,726,741 shares of the stock were exchanged, compared to its average volume of 7,809,725. The stock has a market cap of $2.00 billion, a P/E ratio of -746.50, a price-to-earnings-growth ratio of 4.27 and a beta of 0.18. VNET Group, Inc. - Unsponsored ADR has a twelve month low of $1.85 and a twelve month high of $16.13. The stock's 50 day moving average price is $7.42 and its two-hundred day moving average price is $7.82. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.10 and a current ratio of 1.10.

VNET Group (NASDAQ:VNET - Get Free Report) last issued 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). The firm had revenue of $309.52 million for the quarter, compared to analyst estimates of $2.22 billion. VNET Group had a return on equity of 2.11% and a net margin of 1.66%.During the same quarter in the previous year, the firm posted ($0.28) earnings per share. Equities analysts expect 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 buyback program on Friday, June 27th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the information technology services provider to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of VNET Group from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. Two analysts have rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $9.30.

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.