Taikang Asset Management Hong Kong Co Ltd Buys Shares of 3,318,335 VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• Taikang Asset Management has acquired 3,318,335 shares of VNET Group in a deal valued at approximately $27.2 million, making VNET its 6th largest holding.
• VNET Group's stock price has increased by 12.9% recently, with a current market capitalization of $2.23 billion.
• Analysts are divided on VNET, with Bank of America upgrading its target price to $12.60, while Wall Street Zen downgraded it to a "sell," resulting in a consensus rating of "Buy."

Taikang Asset Management Hong Kong Co Ltd purchased a new stake in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,318,335 shares of the information technology services provider's stock, valued at approximately $27,210,000. VNET Group accounts for about 3.7% of Taikang Asset Management Hong Kong Co Ltd's investment portfolio, making the stock its 6th biggest holding. Taikang Asset Management Hong Kong Co Ltd owned about 1.29% of VNET Group at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Renaissance Technologies LLC acquired a new position in shares of VNET Group during the fourth quarter valued at about $250,000. Barclays PLC lifted its position 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 acquiring an additional 4,939 shares in the last quarter. Marshall Wace LLP acquired a new position in VNET Group during the 4th quarter valued at about $1,514,000. Tower Research Capital LLC TRC acquired a new position in VNET Group during the 4th quarter valued at about $80,000. Finally, Hsbc Holdings PLC bought a new stake in VNET Group during the 4th quarter worth approximately $66,000. Institutional investors own 72.83% of the company's stock.

VNET Group Stock Performance

Shares of NASDAQ:VNET traded up $0.73 during mid-day trading on Thursday, reaching $8.53. The company had a trading volume of 8,523,958 shares, compared to its average volume of 7,791,389. VNET Group, Inc. - Unsponsored ADR has a one year low of $2.25 and a one year high of $16.13. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 2.40. The company's 50-day moving average price is $7.64 and its 200-day moving average price is $7.81. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of -106.63, a PEG ratio of 5.43 and a beta of 0.18.

VNET Group (NASDAQ:VNET - Get Free Report) last released its earnings results on Thursday, August 21st. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.02 by ($0.03). VNET Group had a return on equity of 0.98% and a net margin of 0.74%.The firm had revenue of $339.65 million during the quarter, compared to analysts' expectations of $2.27 billion. VNET Group has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current fiscal year.

VNET Group announced that its board has approved a stock buyback plan on Friday, June 27th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the information technology services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on VNET. Wall Street Zen lowered VNET Group from a "hold" rating to a "sell" rating in a report on Saturday, August 23rd. Bank of America raised their price objective on VNET Group from $11.80 to $12.60 and gave the company a "buy" rating in a research note on Friday, August 22nd. Two analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to data from MarketBeat.com, VNET Group presently has an average rating of "Buy" and a consensus target price of $9.96.

About VNET Group

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.