Wellington Management Group LLP purchased a new position in VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 72,043 shares of the information technology services provider's stock, valued at approximately $591,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Barclays PLC increased its position in VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after buying an additional 4,939 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of VNET Group during the first quarter valued at about $40,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of VNET Group in the 4th quarter valued at approximately $41,000. Hsbc Holdings PLC purchased a new stake in VNET Group during the 4th quarter worth approximately $66,000. Finally, Liontrust Investment Partners LLP acquired a new position in VNET Group during the 1st quarter valued at approximately $78,000. Hedge funds and other institutional investors own 72.83% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on the stock. Bank of America boosted their price objective on shares of VNET Group from $11.80 to $12.60 and gave the company a "buy" rating in a report on Friday, August 22nd. Wall Street Zen lowered shares of VNET Group from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Two equities research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $9.96.
Check Out Our Latest Report on VNET
VNET Group Price Performance
Shares of VNET Group stock traded down $0.06 on Wednesday, hitting $8.00. The company's stock had a trading volume of 2,878,720 shares, compared to its average volume of 5,129,053. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.97 and a current ratio of 0.97. VNET Group, Inc. - Unsponsored ADR has a 1 year low of $2.66 and a 1 year high of $16.13. The firm has a fifty day moving average price of $7.92 and a 200-day moving average price of $7.72. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of -100.00, a price-to-earnings-growth ratio of 6.02 and a beta of 0.16.
VNET Group (NASDAQ:VNET - Get Free Report) last announced 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 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. As a group, sell-side analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.
VNET Group announced that its board has approved a stock buyback program on Friday, June 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the information technology services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.
VNET Group Company Profile
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Free Report)
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.
Further Reading
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