7,760,035 Shares in VNET Group, Inc. – Unsponsored ADR $VNET Bought by Norges Bank

Norges Bank bought a new position in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 7,760,035 shares of the information technology services provider’s stock, valued at approximately $65,650,000. Norges Bank owned 2.89% of VNET Group at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Global Retirement Partners LLC bought a new position in VNET Group in the 4th quarter worth $27,000. EverSource Wealth Advisors LLC raised its holdings in VNET Group by 52.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after acquiring an additional 1,426 shares during the period. Headlands Technologies LLC bought a new position in VNET Group in the 2nd quarter worth $55,000. Persistent Asset Partners Ltd bought a new position in VNET Group in the 3rd quarter worth $100,000. Finally, Raymond James Financial Inc. bought a new position in VNET Group in the 2nd quarter worth $69,000. Institutional investors own 72.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Bank of America set a $16.30 price objective on shares of VNET Group and gave the stock a “buy” rating in a report on Tuesday, May 26th. Wall Street Zen upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 27th. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a report on Friday, March 27th. Finally, Jefferies Financial Group restated a “buy” rating and set a $24.79 price objective on shares of VNET Group in a report on Tuesday, May 26th. 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $19.03.

Insider Transactions at VNET Group

In related news, Director Sean Shao sold 60,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $1.71, for a total value of $102,600.00. Following the sale, the director owned 983,820 shares of the company’s stock, valued at $1,682,332.20. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David Lifeng Chen sold 83,544 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $1.51, for a total transaction of $126,151.44. Following the completion of the sale, the director directly owned 334,164 shares in the company, valued at approximately $504,587.64. The trade was a 20.00% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 152,616 shares of company stock worth $244,083. 12.10% of the stock is currently owned by insiders.

VNET Group Stock Performance

NASDAQ:VNET opened at $8.84 on Friday. The firm’s 50-day moving average is $9.20 and its 200-day moving average is $9.76. VNET Group, Inc. – Unsponsored ADR has a 52-week low of $5.31 and a 52-week high of $14.48. The company has a debt-to-equity ratio of 3.99, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $2.39 billion, a price-to-earnings ratio of -6.45 and a beta of 0.25.

VNET Group (NASDAQ:VNET) last posted its 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). The business had revenue of $390.32 million during the quarter, compared to the consensus estimate of $388.47 million. VNET Group had a negative net margin of 22.01% and a negative return on equity of 31.59%. Equities research analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post 0.23 earnings per share for the current year.

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.