Candriam S.C.A. Acquires 93,875 Shares of VNET Group, Inc. – Unsponsored ADR $VNET

Candriam S.C.A. boosted its holdings in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 52.7% in the first quarter, Holdings Channel.com reports. The fund owned 271,875 shares of the information technology services provider’s stock after buying an additional 93,875 shares during the quarter. Candriam S.C.A.’s holdings in VNET Group were worth $2,281,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Orion Porfolio Solutions LLC lifted its stake in shares of VNET Group by 6.1% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider’s stock valued at $222,000 after purchasing an additional 1,237 shares during the period. EverSource Wealth Advisors LLC grew its stake 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 worth $29,000 after purchasing an additional 1,426 shares during the period. Raymond James Financial Inc. increased its holdings in VNET Group by 14.5% in the third quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider’s stock valued at $118,000 after purchasing an additional 1,446 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in VNET Group by 13.3% in the fourth quarter. Farther Finance Advisors LLC now owns 13,689 shares of the information technology services provider’s stock valued at $116,000 after purchasing an additional 1,611 shares during the last quarter. Finally, Personal CFO Solutions LLC increased its holdings in VNET Group by 4.6% in the first quarter. Personal CFO Solutions LLC now owns 37,199 shares of the information technology services provider’s stock valued at $312,000 after purchasing an additional 1,637 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.

VNET Group Price Performance

VNET opened at $7.75 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 3.99. VNET Group, Inc. – Unsponsored ADR has a 12 month low of $7.17 and a 12 month high of $14.48. The company has a fifty day simple moving average of $9.08 and a 200 day simple moving average of $9.68. The stock has a market cap of $2.10 billion, a P/E ratio of -5.66 and a beta of 0.28.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Tuesday, May 26th. The information technology services provider reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.03) by ($1.17). The business had revenue of $390.32 million for the quarter, compared to analyst estimates of $388.47 million. VNET Group had a negative return on equity of 31.59% and a negative net margin of 22.01%. On average, research analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.24 EPS for the current year.

Insider Activity

In other VNET Group news, Director Sean Shao sold 60,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $1.71, for a total value of $102,600.00. Following the completion of the sale, the director directly owned 983,820 shares in the company, valued at $1,682,332.20. This represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.10% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on VNET. Jefferies Financial Group restated a “buy” rating and set a $24.79 target price on shares of VNET Group in a report on Tuesday, May 26th. Zacks Research raised VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research note on Friday, March 27th. Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of VNET Group in a research note on Tuesday, July 7th. They set a “buy” rating and a $12.50 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, VNET Group currently has an average rating of “Moderate Buy” and a consensus target price of $17.40.

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.