Wallace Advisory Group LLC Takes $83,000 Position in VNET Group, Inc. – Unsponsored ADR $VNET

Wallace Advisory Group LLC acquired a new stake in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 12,004 shares of the information technology services provider’s stock, valued at approximately $83,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its position in VNET Group by 111.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,197 shares of the information technology services provider’s stock valued at $670,000 after acquiring an additional 42,710 shares during the period. Amundi purchased a new stake in VNET Group during the first quarter valued at about $5,093,000. Oppenheimer & Co. Inc. purchased a new stake in VNET Group during the first quarter valued at about $207,000. Farther Finance Advisors LLC purchased a new stake in VNET Group during the second quarter valued at about $34,000. Finally, Public Employees Retirement System of Ohio grew its position in VNET Group by 16.8% during the second quarter. Public Employees Retirement System of Ohio now owns 14,600 shares of the information technology services provider’s stock valued at $101,000 after acquiring an additional 2,100 shares during the period. Hedge funds and other institutional investors own 72.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on VNET shares. Weiss Ratings reissued a “sell (d+)” rating on shares of VNET Group in a research report on Wednesday, October 8th. Wall Street Zen raised VNET Group from a “sell” rating to a “hold” rating in a research report on Friday, October 3rd. Finally, Bank of America boosted their price target on VNET Group from $11.80 to $12.60 and gave the company a “buy” rating in a research report on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.15.

VNET Group Price Performance

Shares of NASDAQ VNET opened at $9.36 on Wednesday. VNET Group, Inc. – Unsponsored ADR has a 1-year low of $3.25 and a 1-year high of $16.13. The business has a 50-day moving average of $9.07 and a 200-day moving average of $7.44. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of -117.00, a PEG ratio of 5.40 and a beta of 0.20.

VNET Group (NASDAQ:VNET) last issued its earnings results on Thursday, August 21st. The information technology services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). VNET Group had a return on equity of 0.98% and a net margin of 0.74%.The company had revenue of $339.65 million during the quarter, compared to analysts’ expectations of $2.27 billion. VNET Group has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current fiscal year.

VNET Group declared that its Board of Directors has approved a share repurchase plan on Friday, June 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the information technology services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

About VNET Group

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.