Greenwoods Asset Management Hong Kong Ltd. Purchases Shares of 648,500 VNET Group, Inc. – Unsponsored ADR $VNET

Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 648,500 shares of the information technology services provider’s stock, valued at approximately $5,214,000. VNET Group accounts for approximately 0.2% of Greenwoods Asset Management Hong Kong Ltd.’s investment portfolio, making the stock its 17th largest position.

Other hedge funds also recently made changes to their positions in the company. Sei Investments Co. raised its holdings in shares of VNET Group by 3.0% in the 1st quarter. Sei Investments Co. now owns 37,602 shares of the information technology services provider’s stock worth $316,000 after purchasing an additional 1,098 shares in the last quarter. Parallel Advisors LLC boosted its holdings in VNET Group by 26.8% during the first quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after buying an additional 1,160 shares in the last quarter. Orion Porfolio Solutions LLC grew its position in VNET Group by 6.1% in the third quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider’s stock worth $222,000 after buying an additional 1,237 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in VNET Group by 52.2% in the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after buying an additional 1,426 shares during the last quarter. Finally, Raymond James Financial Inc. increased its holdings in shares of 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 buying an additional 1,446 shares in the last quarter. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Stock Down 2.4%

VNET stock opened at $6.07 on Thursday. VNET Group, Inc. – Unsponsored ADR has a 52-week low of $5.91 and a 52-week high of $14.48. The company’s 50 day simple moving average is $7.33 and its 200-day simple moving average is $8.83. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $1.64 billion, a P/E ratio of -4.27 and a beta of 0.28.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Tuesday, August 18th. The information technology services provider reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.04). VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. The firm had revenue of $409.00 million during the quarter, compared to analysts’ expectations of $401.77 million. As a group, equities research analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.27 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Morgan Stanley reiterated an “overweight” rating and set a $14.00 price objective on shares of VNET Group in a research report on Wednesday, August 19th. Wall Street Zen cut VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Zacks Research raised VNET Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 27th. Jefferies Financial Group reaffirmed a “buy” rating and set a $24.79 target price on shares of VNET Group in a report on Tuesday, May 26th. Finally, Bank of America set a $16.30 price target on VNET Group and gave the company a “buy” rating in a research report on Tuesday, May 26th. Four 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.90.

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.