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

Diversify Wealth Management LLC lifted its stake in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 37.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 268,672 shares of the information technology services provider’s stock after acquiring an additional 73,773 shares during the quarter. Diversify Wealth Management LLC owned 0.10% of VNET Group worth $2,230,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Leonteq Securities AG purchased a new position in shares of VNET Group in the 1st quarter worth $25,000. Global Retirement Partners LLC purchased a new stake in VNET Group during the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC increased its position in 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 acquiring an additional 1,426 shares during the last quarter. Allianz SE bought a new position in VNET Group in the fourth quarter valued at about $50,000. Finally, Headlands Technologies LLC bought a new position in VNET Group in the second quarter valued at about $55,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Sean Shao sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was 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 trade represents a 5.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.10% of the stock is owned by company insiders.

VNET Group Trading Down 3.6%

Shares of VNET opened at $7.72 on Tuesday. The firm has a market cap of $2.09 billion, a P/E ratio of -5.63 and a beta of 0.28. The company has a debt-to-equity ratio of 3.99, a current ratio of 0.99 and a quick ratio of 0.99. VNET Group, Inc. – Unsponsored ADR has a 1 year low of $7.17 and a 1 year high of $14.48. The company has a 50 day simple moving average of $9.10 and a two-hundred day simple moving average of $9.69.

VNET Group (NASDAQ:VNET) last issued its earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $390.32 million during the quarter, compared to the consensus estimate of $388.47 million. On average, equities analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

VNET has been the subject of a number of recent research reports. Jefferies Financial Group restated a “buy” rating and set a $24.79 price target on shares of VNET Group in a research note on Tuesday, May 26th. Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Morgan Stanley reissued an “overweight” rating and issued a $16.00 price objective on shares of VNET Group in a report on Wednesday, May 27th. Bank of America set a $16.30 price objective on shares of VNET Group and gave the stock a “buy” rating in a report on Tuesday, May 26th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of VNET Group in a research report on Tuesday, July 7th. They set a “buy” rating and a $12.50 target price for the company. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.40.

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.