Tidal Investments LLC Boosts Stake in VNET Group, Inc. – Unsponsored ADR $VNET

Tidal Investments LLC lifted its position in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 255.2% in the second quarter, Holdings Channel reports. The firm owned 332,025 shares of the information technology services provider’s stock after acquiring an additional 238,541 shares during the period. Tidal Investments LLC’s holdings in VNET Group were worth $2,669,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Triata Capital Ltd increased its position in VNET Group by 4.6% during the fourth quarter. Triata Capital Ltd now owns 12,498,810 shares of the information technology services provider’s stock worth $105,740,000 after buying an additional 550,841 shares during the period. Norges Bank purchased a new position in shares of VNET Group during the fourth quarter worth approximately $65,650,000. Infini Capital Management Ltd purchased a new position in shares of VNET Group during the second quarter worth approximately $38,883,000. Carmignac Gestion increased its holdings in shares of VNET Group by 1,375.1% in the 2nd quarter. Carmignac Gestion now owns 4,760,599 shares of the information technology services provider’s stock valued at $38,123,000 after acquiring an additional 4,437,879 shares during the period. Finally, Temasek Holdings Private Ltd raised its position 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 valued at $27,522,000 after purchasing an additional 2,954,350 shares during the last quarter. Hedge funds and other institutional investors own 72.83% of the company’s stock.

VNET Group Stock Down 3.2%

Shares of NASDAQ:VNET opened at $5.96 on Wednesday. VNET Group, Inc. – Unsponsored ADR has a fifty-two week low of $5.91 and a fifty-two week high of $14.48. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 4.35. The firm’s 50-day simple moving average is $7.05 and its 200-day simple moving average is $8.43. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -4.20 and a beta of 0.27.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.04). The firm had revenue of $409.00 million for the quarter, compared to analysts’ expectations of $401.77 million. VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%. As a group, equities research analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on VNET. Deutsche Bank Aktiengesellschaft began coverage on shares of VNET Group in a research note on Tuesday, July 7th. They set a “buy” rating and a $12.50 price target for the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $14.00 target price on shares of VNET Group in a report on Wednesday, August 19th. Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Wall Street Zen lowered VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. 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 investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.90.

VNET Group Company Profile

VNET Group, Inc (NASDAQ:VNET), formerly known as 21Vianet Group, is a China-based provider of data center and information technology infrastructure services. The company operates carrier-neutral data centers that support enterprise customers, cloud service providers, internet companies, financial institutions and other organizations requiring secure, reliable computing and network capacity.

Its services include data center hosting and colocation, managed network services, cloud computing infrastructure, internet connectivity, content delivery and related information technology solutions.