Diversify Wealth Management LLC Raises Stock Position in VNET Group, Inc. – Unsponsored ADR $VNET

Diversify Wealth Management LLC boosted its position in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 37.9% in the first quarter, HoldingsChannel reports. The fund owned 268,672 shares of the information technology services provider’s stock after purchasing an additional 73,773 shares during the quarter. Diversify Wealth Management LLC’s holdings in VNET Group were worth $2,230,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of VNET Group during the 4th quarter valued at $65,650,000. Temasek Holdings Private Ltd increased its position in VNET Group by 988.7% during 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 buying an additional 2,954,350 shares in the last quarter. BNP Paribas Financial Markets increased its position in VNET Group by 674.8% during the 2nd 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 buying an additional 2,911,604 shares in the last quarter. Farallon Capital Management LLC raised its stake in VNET Group by 83.3% in the third quarter. Farallon Capital Management LLC now owns 5,489,120 shares of the information technology services provider’s stock valued at $56,703,000 after buying an additional 2,495,000 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in 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 buying an additional 2,367,410 shares during the last quarter. 72.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at VNET Group

In other VNET Group news, Director Sean Shao sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1.71, for a total value of $102,600.00. Following the transaction, the director directly owned 983,820 shares of the company’s stock, valued at $1,682,332.20. This trade represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 12.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a research note on Friday, March 27th. Wall Street Zen lowered shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Bank of America set a $16.30 price target on shares of VNET Group and gave the stock a “buy” rating in a report on Tuesday, May 26th. Jefferies Financial Group reiterated a “buy” rating and set a $24.79 price objective on shares of VNET Group in a research note on Tuesday, May 26th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $16.00 target price on shares of VNET Group in a research report on Wednesday, May 27th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $17.40.

VNET Group Price Performance

NASDAQ:VNET opened at $7.72 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 3.99. VNET Group, Inc. – Unsponsored ADR has a 52 week low of $7.17 and a 52 week high of $14.48. The stock’s 50-day moving average price is $9.10 and its 200-day moving average price is $9.69. The stock has a market capitalization of $2.09 billion, a PE ratio of -5.63 and a beta of 0.28.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings data on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($1.17). VNET Group had a negative return on equity of 31.59% and a negative net margin of 22.01%.The company had revenue of $390.32 million for the quarter, compared to analyst estimates of $388.47 million. As a group, equities analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.24 EPS for the current fiscal year.

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.