Allianz Asset Management GmbH Increases Stock Position in VNET Group, Inc. – Unsponsored ADR $VNET

Allianz Asset Management GmbH grew its position in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) by 492.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 784,632 shares of the information technology services provider’s stock after purchasing an additional 652,276 shares during the quarter. Allianz Asset Management GmbH’s holdings in VNET Group were worth $8,105,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in VNET. EverSource Wealth Advisors LLC grew 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 worth $29,000 after buying an additional 1,426 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in shares of VNET Group during the second quarter worth approximately $32,000. First Horizon Advisors Inc. acquired a new position in shares of VNET Group in the 2nd quarter valued at $43,000. Headlands Technologies LLC purchased a new stake in VNET Group in the 2nd quarter valued at $55,000. Finally, Raymond James Financial Inc. acquired a new stake in VNET Group during the 2nd quarter worth $69,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Trading Up 5.8%

NASDAQ VNET opened at $11.85 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.88. The stock has a market capitalization of $3.19 billion and a P/E ratio of -39.50. VNET Group, Inc. – Unsponsored ADR has a 52-week low of $4.65 and a 52-week high of $16.13. The firm has a 50-day moving average price of $9.76 and a 200 day moving average price of $9.27.

VNET Group (NASDAQ:VNET) last released its 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 company had revenue of $362.63 million for the quarter, compared to analysts’ expectations of $335.87 million. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%. Equities research analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on VNET shares. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a research note on Monday, December 29th. Wall Street Zen cut VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.30.

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.