WT Asset Management Ltd Increases Position in VNET Group, Inc. – Unsponsored ADR $VNET

WT Asset Management Ltd raised its holdings in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 700.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 400,000 shares of the information technology services provider’s stock after purchasing an additional 350,000 shares during the period. WT Asset Management Ltd owned 0.15% of VNET Group worth $4,132,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Infini Capital Management Ltd boosted its holdings in VNET Group by 39.2% in the second quarter. Infini Capital Management Ltd now owns 9,758,083 shares of the information technology services provider’s stock worth $67,331,000 after acquiring an additional 2,747,661 shares in the last quarter. Norges Bank purchased a new position in VNET Group in the second quarter worth about $54,199,000. Oxbow Capital Management HK Ltd lifted its stake in shares of VNET Group by 64.3% in the second quarter. Oxbow Capital Management HK Ltd now owns 5,750,000 shares of the information technology services provider’s stock worth $39,675,000 after buying an additional 2,250,000 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of VNET Group by 674.8% during the second 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 during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of VNET Group by 288.5% during the second quarter. Bank of America Corp DE now owns 2,577,675 shares of the information technology services provider’s stock valued at $17,786,000 after buying an additional 1,914,201 shares during the last quarter. Hedge funds and other institutional investors own 72.83% of the company’s stock.

VNET Group Stock Performance

VNET traded down $0.31 during mid-day trading on Friday, reaching $12.13. 651,881 shares of the company traded hands, compared to its average volume of 6,561,228. The company’s fifty day moving average price is $10.42 and its 200-day moving average price is $9.54. The stock has a market capitalization of $3.26 billion, a P/E ratio of -40.73, a P/E/G ratio of 0.98 and a beta of 0.01. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.88. VNET Group, Inc. – Unsponsored ADR has a 52-week low of $4.65 and a 52-week high of $16.09.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Thursday, November 20th. The information technology services provider reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. The company had revenue of $362.63 million during the quarter, compared to analyst estimates of $335.87 million. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%. On average, sell-side analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on VNET shares. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a report on Monday, December 29th. Wall Street Zen cut VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.30.

VNET Group 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.