Oppenheimer & Co. Inc. Invests $207,000 in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)

Oppenheimer & Co. Inc. purchased a new position in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 25,228 shares of the information technology services provider’s stock, valued at approximately $207,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Barclays PLC increased its holdings in shares of VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock worth $34,000 after buying an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of VNET Group during the 4th quarter worth approximately $41,000. Hsbc Holdings PLC acquired a new stake in shares of VNET Group during the 4th quarter worth approximately $66,000. Tower Research Capital LLC TRC purchased a new position in shares of VNET Group during the 4th quarter worth approximately $80,000. Finally, Cetera Investment Advisers purchased a new position in shares of VNET Group during the 4th quarter worth approximately $102,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on VNET shares. Wall Street Zen raised shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Sunday, June 15th. Citigroup increased their price objective on shares of VNET Group from $16.10 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. One analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, VNET Group has a consensus rating of “Buy” and a consensus target price of $9.30.

VNET Group Stock Performance

Shares of VNET stock opened at $7.75 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.34. VNET Group, Inc. – Unsponsored ADR has a 52 week low of $1.71 and a 52 week high of $16.13. The stock has a market capitalization of $2.08 billion, a PE ratio of -775.00, a P/E/G ratio of 1.33 and a beta of 0.14. The firm has a 50 day moving average of $6.08 and a two-hundred day moving average of $7.19.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). VNET Group had a net margin of 1.66% and a return on equity of 2.11%. The business had revenue of $309.52 million during the quarter, compared to analysts’ expectations of $2.22 billion. During the same period in the prior year, the business earned ($0.28) EPS. On average, research analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current fiscal year.

VNET Group announced that its board has initiated a stock buyback program on Friday, June 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the information technology services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

VNET Group Profile

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.