Triasima Portfolio Management inc. Takes Position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Triasima Portfolio Management inc. purchased a new position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 35,825 shares of the information technology services provider's stock, valued at approximately $294,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. 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 worth $34,000 after buying an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of VNET Group in the fourth quarter worth $41,000. Hsbc Holdings PLC purchased a new position in shares of VNET Group during the fourth quarter worth $66,000. Tower Research Capital LLC TRC purchased a new position in shares of VNET Group during the fourth quarter worth $80,000. Finally, Cetera Investment Advisers purchased a new position in shares of VNET Group during the fourth quarter worth $102,000. Hedge funds and other institutional investors own 72.83% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of VNET Group from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. One analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, VNET Group currently has an average rating of "Buy" and an average price target of $9.30.

VNET Group Stock Up 2.9%

VNET stock traded up $0.25 during midday trading on Friday, hitting $9.01. 6,300,355 shares of the stock traded hands, compared to its average volume of 5,394,934. 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 stock's fifty day simple moving average is $6.49 and its 200-day simple moving average is $7.50. VNET Group, Inc. - Unsponsored ADR has a 1-year low of $1.71 and a 1-year 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) EPS 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 analyst estimates of $2.22 billion. VNET Group had a net margin of 1.66% and a return on equity of 2.11%. During the same quarter in the prior year, the business posted ($0.28) EPS. As a group, analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

VNET Group announced that its Board of Directors has initiated 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are 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.