Envestnet Asset Management Inc. Acquires 43,392 Shares of VNET Group, Inc. – Unsponsored ADR $VNET

Envestnet Asset Management Inc. raised its holdings in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 21.5% during the second quarter, HoldingsChannel reports. The firm owned 244,888 shares of the information technology services provider’s stock after acquiring an additional 43,392 shares during the quarter. Envestnet Asset Management Inc.’s holdings in VNET Group were worth $1,690,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. FNY Investment Advisers LLC acquired a new stake in VNET Group in the second quarter valued at about $32,000. Farther Finance Advisors LLC bought a new position in shares of VNET Group in the second quarter worth about $34,000. Quantbot Technologies LP acquired a new stake in shares of VNET Group in the 1st quarter valued at approximately $36,000. Summit Securities Group LLC bought a new stake in shares of VNET Group during the 1st quarter valued at approximately $40,000. Finally, QRG Capital Management Inc. acquired a new position in VNET Group during the 2nd quarter worth approximately $74,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wall Street Zen lowered shares of VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Weiss Ratings reissued a “sell (d+)” rating on shares of VNET Group in a report on Wednesday, October 8th. Finally, Bank of America upped their target price on VNET Group from $11.80 to $12.60 and gave the stock a “buy” rating in a report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $11.15.

VNET Group Stock Down 3.9%

Shares of VNET opened at $8.32 on Thursday. The stock’s 50-day moving average price is $9.72 and its two-hundred day moving average price is $8.03. VNET Group, Inc. – Unsponsored ADR has a 12 month low of $3.45 and a 12 month high of $16.13. The company has a market capitalization of $2.24 billion, a PE ratio of -104.00, a PEG ratio of 6.37 and a beta of 0.19. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 2.40.

VNET Group (NASDAQ:VNET) last issued its quarterly 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). The company had revenue of $339.65 million during the quarter, compared to analyst estimates of $2.27 billion. VNET Group had a net margin of 0.74% and a return on equity of 0.98%. On average, analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current year.

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.