Valliance Asset Management Ltd Invests $1.64 Million in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET)

Key Points

• Valliance Asset Management Ltd has invested approximately $1.64 million in VNET Group, acquiring 200,000 shares, making it the fund's 8th largest position.
• Several institutional investors have increased their stakes in VNET Group, with holdings from hedge funds now constituting 72.83% of the company's stock.
• Analysts have raised VNET Group's stock rating from "sell" to "hold," and the consensus rating is now a "Buy" with an average target price of $9.30.

Valliance Asset Management Ltd bought a new position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 200,000 shares of the information technology services provider's stock, valued at approximately $1,640,000. VNET Group makes up about 3.7% of Valliance Asset Management Ltd's holdings, making the stock its 8th biggest holding. Valliance Asset Management Ltd owned approximately 0.08% of VNET Group at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Triata Capital Ltd purchased a new stake in VNET Group during the fourth quarter valued at $47,377,000. Millennium Management LLC increased its position in VNET Group by 3.4% during the fourth quarter. Millennium Management LLC now owns 5,578,371 shares of the information technology services provider's stock valued at $26,441,000 after acquiring an additional 181,749 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in VNET Group by 4.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,145,529 shares of the information technology services provider's stock valued at $10,170,000 after acquiring an additional 93,891 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new position in VNET Group during the fourth quarter valued at $7,183,000. Finally, Bank of America Corp DE increased 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 valued at $5,682,000 after acquiring an additional 1,029,963 shares during the last quarter. Hedge funds and other institutional investors own 72.83% of the company's stock.

VNET Group Trading Down 9.8%

VNET stock traded down $0.82 during mid-day trading on Friday, reaching $7.50. 7,212,121 shares of the stock traded hands, compared to its average volume of 8,176,273. 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 one year low of $1.71 and a one year high of $16.13. The stock has a market capitalization of $2.02 billion, a PE ratio of -750.50, a PEG ratio of 1.76 and a beta of 0.14. The business has a 50-day moving average price of $6.84 and a two-hundred day moving average price of $7.68.

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) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The company had revenue of $309.52 million during 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. Equities research 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 share buyback program 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 programs are usually an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of VNET Group from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. One research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $9.30.

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.