Carmignac Gestion Sells 71,896 Shares of VNET Group, Inc. – Unsponsored ADR $VNET

Carmignac Gestion cut its holdings in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 18.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 322,720 shares of the information technology services provider’s stock after selling 71,896 shares during the quarter. Carmignac Gestion owned 0.12% of VNET Group worth $2,708,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in VNET. Geode Capital Management LLC increased its holdings in shares of VNET Group by 3.2% in the 2nd quarter. Geode Capital Management LLC now owns 241,964 shares of the information technology services provider’s stock worth $1,670,000 after purchasing an additional 7,489 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of VNET Group by 1,201.2% during the second quarter. JPMorgan Chase & Co. now owns 511,417 shares of the information technology services provider’s stock valued at $3,529,000 after purchasing an additional 472,115 shares in the last quarter. Quantbot Technologies LP boosted its position in shares of VNET Group by 333.0% during the second quarter. Quantbot Technologies LP now owns 18,805 shares of the information technology services provider’s stock valued at $130,000 after buying an additional 14,462 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of VNET Group by 52.2% during 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 buying an additional 1,426 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new stake in VNET Group in the 2nd quarter worth about $3,568,000. 72.83% of the stock is owned by institutional investors.

VNET Group Price Performance

VNET stock opened at $7.17 on Monday. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -5.23 and a beta of 0.32. The company has a debt-to-equity ratio of 3.99, a quick ratio of 0.99 and a current ratio of 0.99. The business’s 50-day moving average is $8.46 and its two-hundred day moving average is $9.51. VNET Group, Inc. – Unsponsored ADR has a fifty-two week low of $6.17 and a fifty-two week high of $14.48.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Zacks Research raised VNET Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 27th. Morgan Stanley reaffirmed an “overweight” rating and set a $16.00 price target on shares of VNET Group in a report on Wednesday, May 27th. Bank of America set a $16.30 price target on shares of VNET Group and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Wall Street Zen cut shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, Jefferies Financial Group restated a “buy” rating and set a $24.79 price objective on shares of VNET Group in a research report on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.40.

Insider Buying and Selling

In other VNET Group news, Director Sean Shao sold 60,000 shares of the company’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 transaction of $102,600.00. Following the completion of the sale, the director directly owned 983,820 shares of the company’s stock, valued at approximately $1,682,332.20. This represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.10% of the company’s stock.

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.