The Manufacturers Life Insurance Company Raises Stake in VNET Group, Inc. – Unsponsored ADR $VNET

The Manufacturers Life Insurance Company grew its position in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 20.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,623,594 shares of the information technology services provider’s stock after purchasing an additional 443,656 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in VNET Group were worth $22,012,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of VNET Group during the 4th quarter valued at $65,650,000. Temasek Holdings Private Ltd increased its stake in VNET Group by 988.7% in the 4th quarter. Temasek Holdings Private Ltd now owns 3,253,150 shares of the information technology services provider’s stock worth $27,522,000 after buying an additional 2,954,350 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in VNET Group by 674.8% during the second quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock valued at $23,067,000 after acquiring an additional 2,911,604 shares during the period. JPMorgan Chase & Co. lifted its position in shares of VNET Group by 1,750.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,502,622 shares of the information technology services provider’s stock valued at $21,172,000 after acquiring an additional 2,367,410 shares in the last quarter. Finally, Jefferies Financial Group Inc. lifted its position in shares of VNET Group by 1,419.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 1,979,000 shares of the information technology services provider’s stock valued at $16,742,000 after acquiring an additional 2,129,000 shares in the last quarter. 72.83% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Sean Shao sold 60,000 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $1.71, for a total transaction of $102,600.00. Following the sale, the director owned 983,820 shares of the company’s stock, valued at $1,682,332.20. This represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 12.10% of the company’s stock.

VNET Group Stock Performance

NASDAQ:VNET opened at $7.17 on Friday. The company has a debt-to-equity ratio of 3.99, a current ratio of 0.99 and a quick ratio of 0.99. VNET Group, Inc. – Unsponsored ADR has a 1 year low of $6.17 and a 1 year high of $14.48. The stock’s 50 day simple moving average is $8.46 and its two-hundred day simple moving average is $9.52. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -5.23 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($1.17). The firm had revenue of $390.32 million for the quarter, compared to analysts’ expectations of $388.47 million. VNET Group had a negative return on equity of 31.59% and a negative net margin of 22.01%. As a group, equities analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on VNET shares. Jefferies Financial Group reiterated a “buy” rating and set a $24.79 target price on shares of VNET Group in a research report on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft initiated coverage on VNET Group in a research note on Tuesday, July 7th. They issued a “buy” rating and a $12.50 price target for the company. Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 27th. Bank of America set a $16.30 target price on shares of VNET Group and gave the stock a “buy” rating in a report on Tuesday, May 26th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $16.00 target price on shares of VNET Group in a research note on Wednesday, May 27th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.40.

VNET Group 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.