Mirae Asset Global Investments Co. Ltd. Acquires 151,848 Shares of VNET Group, Inc. – Unsponsored ADR $VNET

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 373.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 192,508 shares of the information technology services provider’s stock after buying an additional 151,848 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.07% of VNET Group worth $1,989,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of VNET. EverSource Wealth Advisors LLC increased its holdings in VNET Group by 52.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after acquiring an additional 1,426 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of VNET Group by 16.8% during 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 during the last quarter. Bingham Private Wealth LLC grew its position in shares of VNET Group by 24.3% during the second quarter. Bingham Private Wealth LLC now owns 13,050 shares of the information technology services provider’s stock valued at $90,000 after purchasing an additional 2,547 shares in the last quarter. Main Management ETF Advisors LLC increased its holdings in shares of VNET Group by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 168,548 shares of the information technology services provider’s stock worth $1,163,000 after purchasing an additional 2,736 shares during the last quarter. Finally, Personal CFO Solutions LLC increased its holdings in shares of VNET Group by 9.3% in the second quarter. Personal CFO Solutions LLC now owns 34,505 shares of the information technology services provider’s stock worth $238,000 after purchasing an additional 2,933 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wall Street Zen lowered VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, October 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.30.

VNET Group Trading Down 0.5%

Shares of VNET opened at $10.86 on Wednesday. The company’s fifty day simple moving average is $9.60 and its 200-day simple moving average is $9.20. The company has a market cap of $2.92 billion, a P/E ratio of -36.20, a P/E/G ratio of 0.86 and a beta of 0.01. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.88. VNET Group, Inc. – Unsponsored ADR has a twelve month low of $4.65 and a twelve month high of $16.13.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings data on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.02. VNET Group had a negative net margin of 5.99% and a negative return on equity of 3.42%. The company had revenue of $362.63 million for the quarter, compared to analyst estimates of $335.87 million. As a group, analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current year.

About VNET Group

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.