VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET – Get Free Report) shares fell 7.2% during mid-day trading on Thursday . The stock traded as low as $10.65 and last traded at $10.4650. 7,950,783 shares traded hands during mid-day trading, an increase of 14% from the average session volume of 6,991,694 shares. The stock had previously closed at $11.28.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on the company. Wall Street Zen raised VNET Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a research report on Friday, March 27th. Bank of America reaffirmed a “buy” rating on shares of VNET Group in a research report on Monday, March 16th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $23.55 price target on shares of VNET Group in a research note on Monday, March 16th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, VNET Group has an average rating of “Hold” and a consensus price target of $18.08.
Check Out Our Latest Analysis on VNET
VNET Group Stock Performance
VNET Group (NASDAQ:VNET – Get Free Report) last released its earnings results on Monday, March 16th. The information technology services provider reported $0.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $368.64 million. Analysts expect that VNET Group, Inc. – Unsponsored ADR will post 0.21 earnings per share for the current year.
Insider Activity at VNET Group
In other news, Director David Lifeng Chen sold 83,544 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $1.51, for a total value of $126,151.44. Following the completion of the sale, the director owned 334,164 shares of the company’s stock, valued at approximately $504,587.64. This represents a 20.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 12.10% of the company’s stock.
Hedge Funds Weigh In On VNET Group
A number of institutional investors have recently added to or reduced their stakes in VNET. Leonteq Securities AG acquired a new stake in VNET Group in the first quarter valued at $25,000. Global Retirement Partners LLC acquired a new position in shares of VNET Group during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC lifted its stake in VNET Group by 52.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 1,426 shares during the last quarter. Parallel Advisors LLC lifted its stake in VNET Group by 26.8% in the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Allianz SE bought a new position in VNET Group during the fourth quarter worth about $50,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.
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.
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