AI Squared Management Ltd Buys Shares of 377,280 VNET Group, Inc. – Unsponsored ADR $VNET

AI Squared Management Ltd purchased a new position in shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 377,280 shares of the information technology services provider’s stock, valued at approximately $3,897,000. VNET Group accounts for approximately 4.1% of AI Squared Management Ltd’s portfolio, making the stock its 9th biggest holding. AI Squared Management Ltd owned approximately 0.14% of VNET Group at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in VNET Group in the 2nd quarter valued at approximately $54,199,000. BNP Paribas Financial Markets lifted its position in shares of VNET Group by 674.8% during the second quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock worth $23,067,000 after acquiring an additional 2,911,604 shares in the last quarter. Infini Capital Management Ltd lifted its position in shares of VNET Group by 39.2% during the second quarter. Infini Capital Management Ltd now owns 9,758,083 shares of the information technology services provider’s stock worth $67,331,000 after acquiring an additional 2,747,661 shares in the last quarter. Oxbow Capital Management HK Ltd boosted its holdings in shares of VNET Group by 64.3% in the second quarter. Oxbow Capital Management HK Ltd now owns 5,750,000 shares of the information technology services provider’s stock worth $39,675,000 after acquiring an additional 2,250,000 shares during the period. Finally, Candriam S.C.A. purchased a new position in shares of VNET Group in the third quarter valued at $19,854,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

VNET Group Stock Performance

VNET Group stock opened at $9.62 on Friday. VNET Group, Inc. – Unsponsored ADR has a 1-year low of $4.65 and a 1-year high of $14.48. 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 firm has a market capitalization of $2.59 billion, a PE ratio of -32.07, a price-to-earnings-growth ratio of 0.76 and a beta of 0.01. The firm’s 50 day simple moving average is $10.89 and its 200 day simple moving average is $9.77.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, VNET Group has a consensus rating of “Hold” 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.