VNET Group, Inc. – Unsponsored ADR $VNET Stake Decreased by Hsbc Holdings PLC

Hsbc Holdings PLC trimmed its holdings in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 67.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 415,026 shares of the information technology services provider’s stock after selling 878,545 shares during the quarter. Hsbc Holdings PLC owned about 0.15% of VNET Group worth $3,482,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in VNET. Leonteq Securities AG bought a new position in shares of VNET Group in the first quarter worth $25,000. Global Retirement Partners LLC bought a new position in VNET Group in the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC increased its stake in 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 buying an additional 1,426 shares during the period. Allianz SE acquired a new position in VNET Group during the 4th quarter valued at about $50,000. Finally, Headlands Technologies LLC bought a new stake in shares of VNET Group during the 2nd quarter worth about $55,000. Institutional investors own 72.83% of the company’s stock.

Insider Buying and Selling

In other VNET Group news, Director Sean Shao sold 60,000 shares of VNET Group stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $1.71, for a total value of $102,600.00. Following the transaction, the director directly owned 983,820 shares of the company’s stock, valued at $1,682,332.20. The trade was a 5.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 12.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Wall Street Zen downgraded VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Weiss Ratings restated a “sell (d+)” rating on shares of VNET Group in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft assumed coverage on VNET Group in a research report on Tuesday, July 7th. They issued a “buy” rating and a $12.50 price target for the company. Finally, Bank of America set a $16.30 price objective on VNET Group and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $17.40.

VNET Group Stock Down 7.2%

VNET Group stock opened at $7.21 on Friday. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -5.26 and a beta of 0.28. The company has a debt-to-equity ratio of 3.99, a current ratio of 0.99 and a quick ratio of 0.99. VNET Group, Inc. – Unsponsored ADR has a fifty-two week low of $7.10 and a fifty-two week high of $14.48. The firm has a fifty day moving average price of $8.77 and a two-hundred day moving average price of $9.62.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($1.17). VNET Group had a negative net margin of 22.01% and a negative return on equity of 31.59%. The business had revenue of $390.32 million during the quarter, compared to analyst estimates of $388.47 million. As a group, analysts forecast that VNET Group, Inc. – Unsponsored ADR will post -0.24 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.