Pinpoint Asset Management Ltd purchased a new stake in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 724,348 shares of the information technology services provider's stock, valued at approximately $5,940,000. VNET Group accounts for 1.0% of Pinpoint Asset Management Ltd's portfolio, making the stock its 16th biggest holding. Pinpoint Asset Management Ltd owned 0.28% of VNET Group as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Barclays PLC increased its stake in VNET Group by 229.3% in 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. Point72 Asia Singapore Pte. Ltd. acquired a new position in VNET Group in the 4th quarter valued at approximately $41,000. Hsbc Holdings PLC acquired a new position in VNET Group in the 4th quarter valued at approximately $66,000. Tower Research Capital LLC TRC acquired a new position in VNET Group in the 4th quarter valued at approximately $80,000. Finally, Bingham Private Wealth LLC acquired a new position in VNET Group in the 1st quarter valued at approximately $86,000. Institutional investors and hedge funds own 72.83% of the company's stock.
VNET Group Stock Down 2.1%
VNET stock traded down $0.17 during trading hours on Friday, hitting $7.98. The company's stock had a trading volume of 3,225,551 shares, compared to its average volume of 6,929,191. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.34. The company has a market capitalization of $2.15 billion, a PE ratio of -798.00, a price-to-earnings-growth ratio of 3.32 and a beta of 0.18. VNET Group, Inc. - Unsponsored ADR has a 12 month low of $1.72 and a 12 month high of $16.13. The stock has a 50 day moving average price of $7.10 and a two-hundred day moving average price of $7.78.
VNET Group (NASDAQ:VNET - Get Free Report) last posted its earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The business had revenue of $309.52 million during the quarter, compared to the consensus estimate of $2.22 billion. VNET Group had a return on equity of 2.11% and a net margin of 1.66%. During the same period in the prior year, the firm earned ($0.28) earnings per share. On average, equities research analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current year.
VNET Group announced that its board has initiated a stock buyback program 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. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.
Wall Street Analyst Weigh In
Separately, Wall Street Zen upgraded shares of VNET Group from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $9.30.
Read Our Latest Analysis on VNET Group
VNET Group Profile
(
Free Report)
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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