Carmignac Gestion Sells 71,896 Shares of VNET Group, Inc. – Unsponsored ADR $VNET

Carmignac Gestion decreased its stake in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 18.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 322,720 shares of the information technology services provider’s stock after selling 71,896 shares during the quarter. Carmignac Gestion’s holdings in VNET Group were worth $2,708,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of 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 worth $1,670,000 after buying an additional 7,489 shares during the period. JPMorgan Chase & Co. grew its stake in shares of VNET Group by 1,201.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 511,417 shares of the information technology services provider’s stock valued at $3,529,000 after acquiring an additional 472,115 shares during the period. Quantbot Technologies LP increased its holdings in VNET Group by 333.0% in the 2nd quarter. Quantbot Technologies LP now owns 18,805 shares of the information technology services provider’s stock worth $130,000 after acquiring an additional 14,462 shares in the last quarter. EverSource Wealth Advisors LLC increased 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 in the last quarter. Finally, Qube Research & Technologies Ltd bought a new stake in VNET Group during the 2nd quarter worth approximately $3,568,000. Institutional investors own 72.83% of the company’s stock.

VNET Group Price Performance

NASDAQ VNET opened at $7.17 on Monday. The stock’s 50 day moving average is $8.46 and its 200 day moving average is $9.51. 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, Inc. – Unsponsored ADR has a 12 month low of $6.17 and a 12 month high of $14.48. The stock has a market cap of $1.94 billion, a PE ratio of -5.23 and a beta of 0.32.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $390.32 million during the quarter, compared to the consensus estimate of $388.47 million. Research analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

VNET has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of VNET Group in a report on Tuesday, July 7th. They set a “buy” rating and a $12.50 price target on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of VNET Group in a research report on Wednesday, July 15th. Wall Street Zen cut shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Morgan Stanley restated an “overweight” rating and set a $16.00 target price on shares of VNET Group in a research note on Wednesday, May 27th. Finally, Bank of America set a $16.30 target price on shares of VNET Group and gave the stock a “buy” rating 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 given a Sell rating to the stock. According to data from MarketBeat.com, VNET Group has an average rating of “Moderate Buy” and a consensus price target of $17.40.

Insider Activity at VNET Group

In other news, Director Sean Shao sold 60,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $1.71, for a total value of $102,600.00. Following the transaction, the director owned 983,820 shares of the company’s stock, valued at approximately $1,682,332.20. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 12.10% of the company’s stock.

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.