VNET Group, Inc. - Unsponsored ADR $VNET Shares Sold by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. reduced its stake in VNET Group by 49.9% in the second quarter, selling 40,537 shares and now holding 40,660 shares valued at $281,000.
• VNET Group's stock has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and a target price of $11.15, while Bank of America raised its price target to $12.60.
• The company recently reported earnings of ($0.01) per share, missing estimates, and set a negative earnings per share guidance of -0.06 for the current year.

Mirae Asset Global Investments Co. Ltd. cut its stake in shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) by 49.9% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 40,660 shares of the information technology services provider's stock after selling 40,537 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in VNET Group were worth $281,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Amundi acquired a new position in VNET Group during the 1st quarter worth approximately $5,093,000. Oppenheimer & Co. Inc. acquired a new position in shares of VNET Group in the 1st quarter valued at approximately $207,000. Farther Finance Advisors LLC acquired a new position in shares of VNET Group in the 2nd quarter valued at approximately $34,000. Deutsche Bank AG acquired a new position in shares of VNET Group in the 1st quarter valued at approximately $706,000. Finally, Public Employees Retirement System of Ohio raised its position in shares of VNET Group by 16.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 14,600 shares of the information technology services provider's stock valued at $101,000 after purchasing an additional 2,100 shares in the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wall Street Zen raised VNET Group from a "sell" rating to a "hold" rating in a research report on Friday, October 3rd. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of VNET Group in a research report on Wednesday. Finally, Bank of America upped their target price on VNET Group from $11.80 to $12.60 and gave the company a "buy" rating in a research report on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $11.15.

VNET Group Price Performance

Shares of NASDAQ VNET opened at $8.47 on Friday. VNET Group, Inc. - Unsponsored ADR has a 1-year low of $3.17 and a 1-year high of $16.13. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.97 and a quick ratio of 0.97. The business's fifty day moving average price is $8.88 and its two-hundred day moving average price is $7.38. The firm has a market capitalization of $2.28 billion, a PE ratio of -105.81, a P/E/G ratio of 5.52 and a beta of 0.20.

VNET Group (NASDAQ:VNET - Get Free Report) last issued its earnings results on Thursday, August 21st. The information technology services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). VNET Group had a return on equity of 0.98% and a net margin of 0.74%.The company had revenue of $339.65 million during the quarter, compared to analyst estimates of $2.27 billion. VNET Group has set its FY 2025 guidance at EPS. On average, 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 initiated a stock buyback program on Friday, June 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the information technology services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is 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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