Triata Capital Ltd Has $37.18 Million Stake in VNET Group, Inc. - Unsponsored ADR $VNET

Key Points

• Triata Capital Ltd reduced its holdings in VNET Group by 54.6%, owning approximately 4.5 million shares valued at $37.18 million, making it the firm's third-largest position.
• Institutional ownership now accounts for 72.83% of VNET Group's stock, with notable increases from firms such as Bank of America and JPMorgan Chase.
• Wall Street analysts have upgraded VNET Group's rating from "sell" to "hold" with a consensus target price of $9.30, indicating a generally positive outlook.

Triata Capital Ltd lessened its holdings in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 54.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,534,239 shares of the information technology services provider's stock after selling 5,460,843 shares during the quarter. VNET Group accounts for approximately 8.4% of Triata Capital Ltd's investment portfolio, making the stock its 3rd biggest position. Triata Capital Ltd owned about 1.76% of VNET Group worth $37,181,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of VNET. D. E. Shaw & Co. Inc. bought a new stake in VNET Group during the fourth quarter worth about $7,183,000. Man Group plc bought a new stake in VNET Group during the fourth quarter worth about $5,094,000. Bank of America Corp DE lifted its position in VNET Group by 610.2% during the fourth quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider's stock worth $5,682,000 after purchasing an additional 1,029,963 shares during the period. Pacer Advisors Inc. bought a new stake in VNET Group during the first quarter worth about $7,855,000. Finally, JPMorgan Chase & Co. lifted its position in VNET Group by 622.8% during the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider's stock worth $4,690,000 after purchasing an additional 852,519 shares during the period. Institutional investors own 72.83% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised VNET Group from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $9.30.

VNET Group Stock Performance

NASDAQ:VNET opened at $7.77 on Monday. The company has a market capitalization of $2.09 billion, a PE ratio of -777.00, a P/E/G ratio of 4.23 and a beta of 0.18. The company has a 50 day simple moving average of $7.31 and a two-hundred day simple moving average of $7.82. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.10 and a current ratio of 1.10. VNET Group, Inc. - Unsponsored ADR has a fifty-two week low of $1.75 and a fifty-two week high of $16.13.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The business 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 in the previous year, the company posted ($0.28) earnings per share. Research analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current year.

VNET Group declared that its board has initiated a share repurchase program 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. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

VNET Group 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.

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