Taikang Asset Management Hong Kong Co Ltd Purchases New Shares in 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) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,318,335 shares of the information technology services provider's stock, valued at approximately $27,210,000. VNET Group makes up about 3.7% of Taikang Asset Management Hong Kong Co Ltd's holdings, making the stock its 6th biggest position. Taikang Asset Management Hong Kong Co Ltd owned about 1.29% of VNET Group at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Renaissance Technologies LLC bought a new stake in shares of VNET Group in the fourth quarter worth $250,000. Barclays PLC lifted its position 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 worth $34,000 after purchasing an additional 4,939 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of VNET Group in the fourth quarter worth $1,514,000. Tower Research Capital LLC TRC bought a new stake in shares of VNET Group in the fourth quarter worth $80,000. Finally, Hsbc Holdings PLC bought a new stake in shares of VNET Group in the fourth quarter worth $66,000. Institutional investors own 72.83% of the company's stock.

VNET Group Stock Up 1.5%

VNET traded up $0.13 during trading on Friday, reaching $8.66. 14,146,947 shares of the stock were exchanged, compared to its average volume of 4,961,945. The stock has a market cap of $2.33 billion, a P/E ratio of -108.25, a price-to-earnings-growth ratio of 6.02 and a beta of 0.18. VNET Group, Inc. - Unsponsored ADR has a twelve month low of $2.25 and a twelve month high of $16.13. The stock's 50 day moving average price is $7.77 and its two-hundred day moving average price is $7.76. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.97 and a current ratio of 0.97.

VNET Group (NASDAQ:VNET - Get Free Report) last released its quarterly earnings data on Thursday, August 21st. The information technology services provider reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.03). VNET Group had a net margin of 0.74% and a return on equity of 0.98%. The company had revenue of $339.65 million during the quarter, compared to analyst estimates of $2.27 billion. VNET Group has set its FY 2025 guidance at EPS. 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 stock buyback plan on Friday, June 27th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

VNET has been the topic of a number of research reports. Wall Street Zen lowered shares of VNET Group from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Bank of America boosted their price objective on shares of VNET Group from $11.80 to $12.60 and gave the stock a "buy" rating in a research report on Friday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat, VNET Group presently has a consensus rating of "Buy" and a consensus target price of $9.96.

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.