Mackenzie Financial Corp Makes New $2.81 Million Investment in VNET Group, Inc. – Unsponsored ADR $VNET

Mackenzie Financial Corp bought a new stake in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 406,703 shares of the information technology services provider’s stock, valued at approximately $2,806,000.

Other hedge funds have also made changes to their positions in the company. Cetera Investment Advisers increased its stake in shares of VNET Group by 297.3% in the first quarter. Cetera Investment Advisers now owns 85,463 shares of the information technology services provider’s stock worth $701,000 after buying an additional 63,953 shares during the last quarter. XTX Topco Ltd acquired a new position in VNET Group during the 1st quarter worth $190,000. Vanguard Group Inc. increased its position in shares of VNET Group by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 5,495,446 shares of the information technology services provider’s stock worth $45,063,000 after purchasing an additional 278,496 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of VNET Group in the 1st quarter worth about $706,000. Finally, Pinpoint Asset Management Ltd acquired a new stake in shares of VNET Group in the 1st quarter valued at about $5,940,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Bank of America lifted their price target on VNET Group from $11.80 to $12.60 and gave the stock a “buy” rating in a research note on Friday, August 22nd. Wall Street Zen lowered VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, VNET Group currently has an average rating of “Moderate Buy” and a consensus price target of $16.30.

VNET Group Stock Down 0.4%

NASDAQ:VNET opened at $8.85 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.88. The stock has a 50 day moving average of $9.49 and a 200-day moving average of $8.20. The firm has a market capitalization of $2.38 billion, a PE ratio of -29.50, a price-to-earnings-growth ratio of 4.60 and a beta of 0.03. VNET Group, Inc. – Unsponsored ADR has a 52 week low of $3.52 and a 52 week high of $16.13.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings results on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.02. The business had revenue of $362.63 million for the quarter, compared to the consensus estimate of $335.87 million. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%. Analysts predict 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.