SG Americas Securities LLC Decreases Stock Holdings in VNET Group, Inc. – Unsponsored ADR $VNET

SG Americas Securities LLC decreased its position in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 67.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,038 shares of the information technology services provider’s stock after selling 83,849 shares during the quarter. SG Americas Securities LLC’s holdings in VNET Group were worth $347,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of VNET. EverSource Wealth Advisors LLC increased its position in shares of 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 valued at $29,000 after acquiring an additional 1,426 shares during the period. Headlands Technologies LLC purchased a new position in shares of VNET Group in the second quarter valued at about $55,000. Raymond James Financial Inc. purchased a new position in shares of VNET Group in the second quarter valued at about $69,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of VNET Group in the fourth quarter valued at about $95,000. Finally, Persistent Asset Partners Ltd purchased a new position in shares of VNET Group in the third quarter valued at about $100,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

Insider Activity

In related news, Director David Lifeng Chen sold 83,544 shares of the business’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $1.51, for a total transaction of $126,151.44. Following the transaction, the director owned 334,164 shares in the company, valued at $504,587.64. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.10% of the stock is owned by corporate insiders.

VNET Group Price Performance

Shares of NASDAQ VNET opened at $9.01 on Wednesday. VNET Group, Inc. – Unsponsored ADR has a 1 year low of $4.65 and a 1 year high of $14.48. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.92 and a quick ratio of 0.90. The company’s 50-day moving average is $10.24 and its 200 day moving average is $9.82. The stock has a market capitalization of $2.42 billion, a P/E ratio of -31.07 and a beta of 0.16.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings results on Monday, March 16th. The information technology services provider reported $0.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.04). VNET Group had a negative net margin of 2.48% and a positive return on equity of 1.36%. The company had revenue of $384.07 million for the quarter, compared to analysts’ expectations of $368.64 million. On average, sell-side analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on VNET shares. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a research report on Friday, March 27th. Jefferies Financial Group restated a “buy” rating and issued a $23.55 price objective on shares of VNET Group in a research report on Monday, March 16th. Finally, Bank of America restated a “buy” rating on shares of VNET Group in a research report on Monday, March 16th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.08.

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.