Hsbc Holdings PLC Sells 878,545 Shares of VNET Group, Inc. – Unsponsored ADR $VNET

Hsbc Holdings PLC cut its position in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 67.9% during the first quarter, Holdings Channel reports. The institutional investor owned 415,026 shares of the information technology services provider’s stock after selling 878,545 shares during the quarter. Hsbc Holdings PLC’s holdings in VNET Group were worth $3,482,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Triata Capital Ltd lifted its position in shares of VNET Group by 4.6% in the 4th quarter. Triata Capital Ltd now owns 12,498,810 shares of the information technology services provider’s stock worth $105,740,000 after acquiring an additional 550,841 shares during the period. Norges Bank acquired a new position in shares of VNET Group in the fourth quarter valued at $65,650,000. Farallon Capital Management LLC raised its stake in shares of VNET Group by 14.5% in the fourth quarter. Farallon Capital Management LLC now owns 6,285,386 shares of the information technology services provider’s stock valued at $53,174,000 after purchasing an additional 796,266 shares in the last quarter. UBS Group AG lifted its position in VNET Group by 73.2% in the third quarter. UBS Group AG now owns 4,283,660 shares of the information technology services provider’s stock worth $44,250,000 after purchasing an additional 1,809,987 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in VNET Group by 674.8% in the second quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock worth $23,067,000 after purchasing an additional 2,911,604 shares during the period. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Trading Down 7.2%

Shares of VNET Group stock opened at $7.21 on Friday. VNET Group, Inc. – Unsponsored ADR has a 12-month low of $7.10 and a 12-month high of $14.48. The stock has a market capitalization of $1.95 billion, a P/E ratio of -5.26 and a beta of 0.28. The company has a 50-day simple moving average of $8.77 and a 200 day simple moving average of $9.62. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 3.99.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on VNET. Weiss Ratings restated a “sell (d+)” rating on shares of VNET Group in a research note on Wednesday, July 15th. Morgan Stanley reissued an “overweight” rating and issued a $16.00 target price on shares of VNET Group in a research note on Wednesday, May 27th. Wall Street Zen lowered shares of VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $24.79 price objective on shares of VNET Group in a report on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, VNET Group currently has an average rating of “Moderate Buy” and an average target price of $17.40.

Insider Activity

In other news, Director Sean Shao sold 60,000 shares of the business’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 value of $102,600.00. Following the transaction, the director directly owned 983,820 shares of the company’s stock, valued at $1,682,332.20. The trade was a 5.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 12.10% of the company’s stock.

VNET Group 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.