Carmignac Gestion Purchases 4,437,879 Shares of VNET Group, Inc. – Unsponsored ADR $VNET

Carmignac Gestion raised its position in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 1,375.1% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 4,760,599 shares of the information technology services provider’s stock after buying an additional 4,437,879 shares during the period. Carmignac Gestion’s holdings in VNET Group were worth $38,123,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of VNET. Pinpoint Asset Management Singapore Pte. Ltd. grew its position in shares of VNET Group by 1,849.6% in the 4th quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 764,056 shares of the information technology services provider’s stock worth $6,464,000 after buying an additional 724,865 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in VNET Group by 20.4% during the first quarter. The Manufacturers Life Insurance Company now owns 2,623,594 shares of the information technology services provider’s stock valued at $22,012,000 after acquiring an additional 443,656 shares during the last quarter. FACT Capital LP acquired a new stake in VNET Group in the first quarter valued at approximately $4,012,000. Janus Henderson Group PLC acquired a new stake in VNET Group in the first quarter valued at approximately $1,809,000. Finally, Regal Partners Ltd purchased a new position in VNET Group in the first quarter worth $3,095,000. 72.83% of the stock is currently owned by institutional investors.

VNET Group Stock Performance

Shares of NASDAQ VNET traded up $0.38 during midday trading on Tuesday, reaching $6.75. The company had a trading volume of 4,428,743 shares, compared to its average volume of 6,462,873. The business’s 50-day simple moving average is $7.25 and its 200 day simple moving average is $8.67. The stock has a market cap of $1.83 billion, a P/E ratio of -4.75 and a beta of 0.27. VNET Group, Inc. – Unsponsored ADR has a 1 year low of $5.91 and a 1 year high of $14.48. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 4.35.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $409.00 million for the quarter, compared to analysts’ expectations of $401.77 million. On average, analysts forecast that VNET Group, Inc. – Unsponsored ADR will post -0.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on VNET shares. Bank of America set a $16.30 price target on VNET Group and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Jefferies Financial Group restated a “buy” rating and set a $24.79 target price on shares of VNET Group in a research note on Tuesday, May 26th. Morgan Stanley reaffirmed an “overweight” rating and set a $14.00 target price on shares of VNET Group in a research report on Wednesday, August 19th. Wall Street Zen downgraded VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, Zacks Research upgraded VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price 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.