David Lifeng Chen Sells 83,544 Shares of VNET Group (NASDAQ:VNET) Stock

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) Director David Lifeng Chen sold 83,544 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $1.51, for a total transaction of $126,151.44. Following the sale, the director directly owned 334,164 shares of the company’s stock, valued at approximately $504,587.64. This trade represents a 20.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

VNET Group Stock Performance

Shares of NASDAQ:VNET opened at $8.71 on Friday. The company’s 50 day simple moving average is $10.85 and its 200 day simple moving average is $9.92. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -30.03 and a beta of 0.01. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.92 and a quick ratio of 0.90. VNET Group, Inc. – Unsponsored ADR has a 1 year low of $4.65 and a 1 year high of $14.48.

VNET Group (NASDAQ:VNET) last released its earnings results on Monday, March 16th. The information technology services provider reported $0.00 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.04). VNET Group had a positive return on equity of 1.36% and a negative net margin of 2.48%.The business had revenue of $384.07 million for the quarter, compared to the consensus estimate of $368.64 million. As a group, research analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on VNET shares. Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a research note on Monday, December 29th. Bank of America restated a “buy” rating on shares of VNET Group in a research note on Monday, March 16th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $23.55 price objective on shares of VNET Group in a research report on Monday, March 16th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $18.08.

Institutional Investors Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC bought a new position in VNET Group in the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC grew its holdings 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 worth $29,000 after purchasing an additional 1,426 shares during the last quarter. Allianz SE acquired a new position in shares of VNET Group in the fourth quarter valued at approximately $50,000. Headlands Technologies LLC acquired a new position in shares of VNET Group in the second quarter valued at approximately $55,000. Finally, Raymond James Financial Inc. bought a new position in VNET Group in the 2nd quarter valued at approximately $69,000. Institutional investors own 72.83% of the company’s stock.

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.