JPMorgan Chase & Co. Lowers Stake in VNET Group, Inc. – Unsponsored ADR $VNET

JPMorgan Chase & Co. lowered its stake in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 73.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 135,212 shares of the information technology services provider’s stock after selling 376,205 shares during the period. JPMorgan Chase & Co.’s holdings in VNET Group were worth $1,397,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in VNET. Geode Capital Management LLC grew its holdings in shares of VNET Group by 3.2% during the 2nd quarter. Geode Capital Management LLC now owns 241,964 shares of the information technology services provider’s stock valued at $1,670,000 after purchasing an additional 7,489 shares during the last quarter. Quantbot Technologies LP grew its holdings in shares of VNET Group by 333.0% during the 2nd quarter. Quantbot Technologies LP now owns 18,805 shares of the information technology services provider’s stock valued at $130,000 after purchasing an additional 14,462 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of VNET Group by 52.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 1,426 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in shares of VNET Group during the 2nd quarter valued at $3,568,000. Finally, Aperture Investors LLC bought a new position in shares of VNET Group during the 2nd quarter valued at $1,259,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

Insider Activity at VNET Group

In other news, Director David Lifeng Chen sold 83,544 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $1.51, for a total value of $126,151.44. Following the completion of the sale, the director directly owned 334,164 shares of the company’s stock, valued at approximately $504,587.64. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 12.10% of the company’s stock.

VNET Group Price Performance

Shares of VNET Group stock opened at $8.34 on Thursday. The firm has a market cap of $2.24 billion, a PE ratio of -28.76 and a beta of 0.16. VNET Group, Inc. – Unsponsored ADR has a 12-month low of $4.65 and a 12-month high of $14.48. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 2.68. The company’s fifty day simple moving average is $10.42 and its two-hundred day simple moving average is $9.87.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings results on Monday, March 16th. The information technology services provider reported $0.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). The firm had revenue of $384.07 million during the quarter, compared to the consensus estimate of $368.64 million. VNET Group had a positive return on equity of 1.36% and a negative net margin of 2.48%. As a group, equities analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Bank of America reaffirmed a “buy” rating on shares of VNET Group in a report on Monday, March 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a report on Friday, March 27th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $23.55 target price on shares of VNET Group in a report on Monday, March 16th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $18.08.

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.