Townsquare Capital LLC Purchases Shares of 97,538 VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• Townsquare Capital LLC acquired 97,538 shares of VNET Group, Inc., valued at approximately $800,000, marking a significant investment in the company.
• VNET Group reported an earnings miss for the recent quarter, with an EPS of (0.12) versus a consensus estimate of (0.01), which reflects a challenging financial period for the firm.
• Wall Street analysts have given VNET Group an average rating of "Buy" with a target price of $9.30, indicating positive future expectations despite current earnings difficulties.

Townsquare Capital LLC acquired a new position in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 97,538 shares of the information technology services provider's stock, valued at approximately $800,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Barclays PLC increased its stake 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 worth $34,000 after purchasing an additional 4,939 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in VNET Group during the 4th quarter worth approximately $41,000. Bingham Private Wealth LLC acquired a new position in VNET Group during the 1st quarter worth approximately $86,000. Hsbc Holdings PLC acquired a new stake in shares of VNET Group in the 4th quarter valued at approximately $66,000. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of VNET Group in the 4th quarter valued at approximately $80,000. 72.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded VNET Group from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. Two research analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to MarketBeat, VNET Group has an average rating of "Buy" and a consensus price target of $9.30.

VNET Group Price Performance

NASDAQ:VNET traded up $0.09 during trading hours on Tuesday, hitting $7.84. The company's stock had a trading volume of 4,853,682 shares, compared to its average volume of 7,863,686. The company has a market capitalization of $2.11 billion, a P/E ratio of -784.00, a PEG ratio of 4.23 and a beta of 0.18. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a fifty day simple moving average of $7.35 and a 200-day simple moving average of $7.82. VNET Group, Inc. - Unsponsored ADR has a twelve month low of $1.79 and a twelve month high of $16.13.

VNET Group (NASDAQ:VNET - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The firm had revenue of $309.52 million for 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 quarter last year, the firm posted ($0.28) earnings per share. On average, analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current fiscal year.

VNET Group announced that its Board of Directors 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 usually a sign that the company's board of directors believes its stock is undervalued.

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.