VNET Group, Inc. (NASDAQ:VNET) Sees Significant Increase in Short Interest

VNET Group, Inc. (NASDAQ:VNET) was the target of a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 6,060,000 shares, a growth of 31.2% from the October 31st total of 4,620,000 shares. Based on an average trading volume of 2,020,000 shares, the days-to-cover ratio is presently 3.0 days.

Analyst Ratings Changes

VNET has been the subject of several research analyst reports. UBS Group raised their price target on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a report on Friday. Citigroup began coverage on VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price on the stock. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research note on Wednesday, October 9th. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Finally, Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $4.78.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Wolverine Trading LLC acquired a new position in VNET Group in the third quarter valued at $46,000. Ballentine Partners LLC purchased a new stake in shares of VNET Group during the 2nd quarter worth $36,000. Walleye Capital LLC purchased a new position in VNET Group in the third quarter valued at about $115,000. AXA S.A. acquired a new position in VNET Group during the second quarter worth $65,000. Finally, Blue Trust Inc. boosted its position in shares of VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after buying an additional 37,322 shares in the last quarter. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Trading Up 0.5 %

VNET Group stock traded up $0.02 during midday trading on Friday, reaching $3.88. 1,506,929 shares of the stock traded hands, compared to its average volume of 1,572,443. The firm has a market cap of $998.71 million, a PE ratio of -1.74 and a beta of -0.27. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The company has a 50-day simple moving average of $3.68 and a two-hundred day simple moving average of $2.71. VNET Group has a 12-month low of $1.39 and a 12-month high of $4.50.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.05. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The business had revenue of $274.35 million during the quarter, compared to analysts’ expectations of $266.56 million. Research analysts expect that VNET Group will post -0.01 earnings per share for the current fiscal year.

VNET Group Company 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.