VNET Group, Inc. - Unsponsored ADR $VNET Holdings Boosted by Pinpoint Asset Management Singapore Pte. Ltd.

Key Points

• Pinpoint Asset Management Singapore sharply increased its VNET stake by 1,849.6% in the fourth quarter, ending with 764,056 shares valued at about $6.46 million. The position made VNET its 15th-largest holding.
• VNET reported a weaker-than-expected quarterly loss, posting EPS of ($1.20) versus the consensus estimate of ($0.03), though revenue of $390.32 million slightly topped expectations. The company also showed negative net margin and return on equity.
• Analysts remain mixed on the stock: the consensus rating is Hold with an average price target of $19.03, while recent actions included upgrades from some firms and buy ratings from Morgan Stanley, Jefferies, and Bank of America.

Pinpoint Asset Management Singapore Pte. Ltd. grew its holdings in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 1,849.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 764,056 shares of the information technology services provider's stock after buying an additional 724,865 shares during the period. VNET Group accounts for about 1.3% of Pinpoint Asset Management Singapore Pte. Ltd.'s investment portfolio, making the stock its 15th biggest holding. Pinpoint Asset Management Singapore Pte. Ltd. owned 0.28% of VNET Group worth $6,464,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in VNET. Geode Capital Management LLC raised its holdings in shares of VNET Group by 3.2% during the second quarter. Geode Capital Management LLC now owns 241,964 shares of the information technology services provider's stock valued at $1,670,000 after buying an additional 7,489 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of VNET Group by 1,201.2% during the second quarter. JPMorgan Chase & Co. now owns 511,417 shares of the information technology services provider's stock valued at $3,529,000 after buying an additional 472,115 shares during the last quarter. Quantbot Technologies LP raised its holdings in shares of VNET Group by 333.0% during the second quarter. Quantbot Technologies LP now owns 18,805 shares of the information technology services provider's stock valued at $130,000 after buying an additional 14,462 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of VNET Group by 52.2% during the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider's stock valued at $29,000 after buying an additional 1,426 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new stake in shares of VNET Group during the second quarter valued at approximately $3,568,000. Institutional investors own 72.83% of the company's stock.

VNET Group Price Performance

NASDAQ VNET opened at $8.87 on Friday. VNET Group, Inc. - Unsponsored ADR has a 12 month low of $5.31 and a 12 month high of $14.48. The company has a debt-to-equity ratio of 3.99, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $2.40 billion, a PE ratio of -6.47 and a beta of 0.25. The company's 50 day simple moving average is $9.26 and its 200 day simple moving average is $9.78.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 26th. The information technology services provider reported ($1.20) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($1.17). VNET Group had a negative net margin of 22.01% and a negative return on equity of 31.59%. The company had revenue of $390.32 million for the quarter, compared to analyst estimates of $388.47 million. As a group, equities research analysts forecast that VNET Group, Inc. - Unsponsored ADR will post 0.24 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Zacks Research raised VNET Group from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 27th. Morgan Stanley reaffirmed an "overweight" rating and set a $16.00 price target on shares of VNET Group in a report on Wednesday, May 27th. Wall Street Zen raised VNET Group from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Jefferies Financial Group reaffirmed a "buy" rating and set a $24.79 price target on shares of VNET Group in a report on Tuesday, May 26th. Finally, Bank of America set a $16.30 price target on VNET Group and gave the company a "buy" rating in a report on Tuesday, May 26th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, VNET Group currently has an average rating of "Hold" and a consensus price target of $19.03.

Insider Buying and Selling

In related news, Director Sean Shao sold 60,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1.71, for a total transaction of $102,600.00. Following the transaction, the director owned 983,820 shares in the company, valued at $1,682,332.20. This trade represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Lifeng Chen sold 83,544 shares of VNET Group stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $1.51, for a total transaction of $126,151.44. Following the completion of the transaction, the director owned 334,164 shares in the company, valued at approximately $504,587.64. This trade represents a 20.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 152,616 shares of company stock worth $244,083 in the last quarter. Company insiders own 12.10% of the company's stock.

VNET Group Company Profile

VNET Group, Inc NASDAQ: VNET is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company's product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.

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