VNET Group (NASDAQ:VNET) Director David Lifeng Chen Sells 83,544 Shares

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) Director David Lifeng Chen sold 83,544 shares of the firm’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $1.51, for a total transaction of $126,151.44. Following the sale, the director owned 334,164 shares in the company, valued at approximately $504,587.64. This represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

VNET Group Stock Down 1.8%

VNET opened at $8.81 on Wednesday. The company has a fifty day moving average of $10.96 and a two-hundred day moving average of $9.93. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -30.38 and a beta of 0.01. VNET Group, Inc. – Unsponsored ADR has a fifty-two week low of $4.65 and a fifty-two week high of $14.48. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.90 and a current ratio of 0.92.

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

Wall Street Analyst Weigh In

VNET has been the subject of a number of recent analyst reports. Jefferies Financial Group restated a “buy” rating and issued a $23.55 price objective on shares of VNET Group in a research report on Monday, March 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a research report on Monday, December 29th. Finally, Bank of America reissued a “buy” rating on shares of VNET Group in a research note on Monday, March 16th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, VNET Group presently has an average rating of “Hold” and an average price target of $18.08.

Hedge Funds Weigh In On VNET Group

A number of institutional investors have recently added to or reduced their stakes in VNET. Geode Capital Management LLC raised 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 worth $1,670,000 after acquiring an additional 7,489 shares during the period. SG Americas Securities LLC grew its holdings in shares of VNET Group by 225.9% in the second quarter. SG Americas Securities LLC now owns 91,200 shares of the information technology services provider’s stock valued at $629,000 after purchasing an additional 63,214 shares during the period. TD Waterhouse Canada Inc. increased its position in VNET Group by 4,085.6% during the second quarter. TD Waterhouse Canada Inc. now owns 50,437 shares of the information technology services provider’s stock worth $333,000 after purchasing an additional 49,232 shares during the last quarter. JPMorgan Chase & Co. increased its position in VNET Group by 1,201.2% during the second quarter. JPMorgan Chase & Co. now owns 511,417 shares of the information technology services provider’s stock worth $3,529,000 after purchasing an additional 472,115 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in VNET Group by 32.3% during the second quarter. American Century Companies Inc. now owns 610,839 shares of the information technology services provider’s stock worth $4,215,000 after purchasing an additional 149,123 shares during the period. Hedge funds and other institutional investors own 72.83% of the company’s stock.

About VNET Group

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.