AI Squared Management Ltd Acquires 64,291 Shares of VNET Group, Inc. – Unsponsored ADR $VNET

AI Squared Management Ltd lifted its holdings in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 17.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 441,571 shares of the information technology services provider’s stock after acquiring an additional 64,291 shares during the period. VNET Group accounts for approximately 4.3% of AI Squared Management Ltd’s investment portfolio, making the stock its 10th biggest holding. AI Squared Management Ltd’s holdings in VNET Group were worth $3,736,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Deutsche Bank AG increased its position in VNET Group by 354.6% during the fourth quarter. Deutsche Bank AG now owns 458,775 shares of the information technology services provider’s stock worth $3,881,000 after buying an additional 357,850 shares during the period. LPL Financial LLC increased its position in VNET Group by 12.7% during the fourth quarter. LPL Financial LLC now owns 161,802 shares of the information technology services provider’s stock worth $1,369,000 after buying an additional 18,234 shares during the period. JPMorgan Chase & Co. increased its position in VNET Group by 1,750.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,502,622 shares of the information technology services provider’s stock worth $21,172,000 after buying an additional 2,367,410 shares during the period. Havemeyer Place LP acquired a new position in VNET Group during the fourth quarter worth approximately $357,000. Finally, Main Management ETF Advisors LLC increased its position in VNET Group by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 183,222 shares of the information technology services provider’s stock worth $1,550,000 after buying an additional 1,872 shares during the period. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Stock Up 1.7%

VNET Group stock opened at $8.95 on Friday. 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 $5.31 and a 1-year high of $14.48. The company has a market cap of $2.42 billion, a PE ratio of -6.53 and a beta of 0.25. The stock’s 50 day moving average price is $9.25 and its 200 day moving average price is $9.78.

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

Analysts Set New Price Targets

Several research analysts have commented on VNET shares. Bank of America set a $16.30 price target on VNET Group and gave the stock a “buy” rating in a research report on Tuesday, May 26th. 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 research report on Wednesday, May 27th. Jefferies Financial Group reaffirmed a “buy” rating and set a $24.79 price target on shares of VNET Group in a research report on Tuesday, May 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research report on Friday, March 27th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, VNET Group currently has a consensus rating of “Hold” and a consensus target price of $19.03.

Insider Buying and Selling

In related news, Director David Lifeng Chen sold 83,544 shares of VNET Group 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 sale, the director directly owned 334,164 shares in the company, valued at $504,587.64. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sean Shao sold 60,000 shares of VNET Group stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1.71, for a total value of $102,600.00. Following the completion of the sale, the director owned 983,820 shares in the company, valued at approximately $1,682,332.20. This trade represents a 5.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 152,616 shares of company stock worth $244,083. Company insiders own 12.10% 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.