VNET Group, Inc. - Unsponsored ADR $VNET Position Increased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC significantly increased its ownership in VNET Group by 1,492.4%, acquiring 207,277 additional shares, which raises its total to 221,166 shares valued at approximately $1.8 million.
• VNET Group reported disappointing financial results with a loss of ($0.01) earnings per share, missing analysts' expectations, and its revenue of $339.65 million fell short of expectations of $2.27 billion.
• Price target updates from analysts include Bank of America raising their target from $11.80 to $12.60 and a mix of ratings, with two analysts giving a Strong Buy rating and an average price target of $9.96.

Hsbc Holdings PLC boosted its stake in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 1,492.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 221,166 shares of the information technology services provider's stock after purchasing an additional 207,277 shares during the quarter. Hsbc Holdings PLC owned about 0.09% of VNET Group worth $1,812,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the business. Triata Capital Ltd purchased a new stake in VNET Group during the fourth quarter worth approximately $47,377,000. Millennium Management LLC raised its holdings in VNET Group by 3.4% in 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 in the last quarter. Vanguard Group Inc. raised its holdings in shares of VNET Group by 5.3% during the first quarter. Vanguard Group Inc. now owns 5,495,446 shares of the information technology services provider's stock worth $45,063,000 after purchasing an additional 278,496 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of VNET Group by 4.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,145,529 shares of the information technology services provider's stock worth $10,170,000 after purchasing an additional 93,891 shares during the period. Finally, D. E. Shaw & Co. Inc. bought a new position in shares of VNET Group during the fourth quarter worth about $7,183,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

VNET Group Price Performance

VNET stock traded up $0.13 on Friday, hitting $8.66. 14,146,947 shares of the company's stock traded hands, compared to its average volume of 4,961,945. VNET Group, Inc. - Unsponsored ADR has a 1-year low of $2.25 and a 1-year high of $16.13. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -108.25, a P/E/G ratio of 5.93 and a beta of 0.18. The stock has a fifty day moving average of $7.77 and a 200-day moving average of $7.79. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 2.40.

VNET Group (NASDAQ:VNET - Get Free Report) last released its earnings results on Thursday, August 21st. The information technology services provider reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.03). VNET Group had a net margin of 0.74% and a return on equity of 0.98%. The business had revenue of $339.65 million for the quarter, compared to analyst estimates of $2.27 billion. VNET Group has set its FY 2025 guidance at EPS. On average, analysts forecast that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current fiscal year.

VNET Group announced that its board has approved a share repurchase plan on Friday, June 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the information technology services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

VNET has been the subject of a number of analyst reports. Wall Street Zen lowered shares of VNET Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Bank of America increased their price target on VNET Group from $11.80 to $12.60 and gave the company a "buy" rating in a research note on Friday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $9.96.

About VNET Group

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.