Norges Bank Buys New Stake in VNET Group, Inc. – Unsponsored ADR $VNET

Norges Bank bought a new stake in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,760,035 shares of the information technology services provider’s stock, valued at approximately $65,650,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VNET. Geode Capital Management LLC boosted its position in VNET Group by 3.2% in the second quarter. Geode Capital Management LLC now owns 241,964 shares of the information technology services provider’s stock valued at $1,670,000 after buying an additional 7,489 shares in the last quarter. JPMorgan Chase & Co. boosted its position in VNET Group by 1,201.2% in the second quarter. JPMorgan Chase & Co. now owns 511,417 shares of the information technology services provider’s stock valued at $3,529,000 after buying an additional 472,115 shares in the last quarter. Quantbot Technologies LP boosted its position in VNET Group by 333.0% in the second quarter. Quantbot Technologies LP now owns 18,805 shares of the information technology services provider’s stock valued at $130,000 after buying an additional 14,462 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in VNET Group by 52.2% in 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 buying an additional 1,426 shares in the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in VNET Group in the second quarter valued at about $3,568,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

VNET Group Price Performance

Shares of VNET stock opened at $8.84 on Friday. VNET Group, Inc. – Unsponsored ADR has a 1 year low of $5.31 and a 1 year high of $14.48. The firm’s 50 day moving average is $9.20 and its 200-day moving average is $9.76. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of -6.45 and a beta of 0.25. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 3.99.

VNET Group (NASDAQ:VNET) last announced its earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $390.32 million for the quarter, compared to analyst estimates of $388.47 million. Sell-side analysts forecast that VNET Group, Inc. – Unsponsored ADR will post 0.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a research report on Friday, March 27th. Morgan Stanley restated an “overweight” rating and issued a $16.00 price target on shares of VNET Group in a research report on Wednesday, May 27th. Bank of America set a $16.30 price target on shares of VNET Group and gave the company a “buy” rating in a research report on Tuesday, May 26th. Jefferies Financial Group restated a “buy” rating and issued a $24.79 price target on shares of VNET Group in a research report on Tuesday, May 26th. Finally, Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 27th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.03.

Insider Buying and Selling

In other news, Director David Lifeng Chen sold 83,544 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $1.51, for a total transaction of $126,151.44. Following the transaction, the director directly owned 334,164 shares in the company, valued at approximately $504,587.64. This represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sean Shao sold 60,000 shares of the company’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 transaction, the director owned 983,820 shares in the company, valued at $1,682,332.20. The trade was a 5.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 152,616 shares of company stock worth $244,083 over the last quarter. 12.10% of the stock is owned by company insiders.

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.