VNET Group, Inc. (NASDAQ:VNET) Short Interest Down 22.8% in September

VNET Group, Inc. (NASDAQ:VNET) saw a significant decline in short interest in the month of September. As of September 30th, there was short interest totalling 5,650,000 shares, a decline of 22.8% from the September 15th total of 7,320,000 shares. Based on an average daily volume of 1,420,000 shares, the days-to-cover ratio is presently 4.0 days.

VNET Group Stock Performance

Shares of VNET Group stock traded down $0.08 on Friday, reaching $3.82. 1,070,136 shares of the stock were exchanged, compared to its average volume of 2,162,501. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $983.27 million, a PE ratio of -1.63, a PEG ratio of 8.08 and a beta of -0.30. VNET Group has a 1-year low of $1.39 and a 1-year high of $4.50. The business has a fifty day moving average price of $2.84 and a two-hundred day moving average price of $2.27.

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 for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $274.35 million for the quarter, compared to analyst estimates of $266.56 million. VNET Group had a negative return on equity of 11.44% and a negative net margin of 34.62%. As a group, research analysts anticipate that VNET Group will post 0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research note on Wednesday. Citigroup began coverage on shares of VNET Group in a report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price on the stock. Finally, HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research report on Wednesday. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, VNET Group has a consensus rating of “Buy” and an average price target of $3.97.

Institutional Trading of VNET Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Catalina Capital Group LLC acquired a new position in shares of VNET Group during the 1st quarter worth $26,000. Ballentine Partners LLC acquired a new position in shares of VNET Group during the 2nd quarter worth approximately $36,000. AXA S.A. purchased a new stake in VNET Group in the 2nd quarter valued at approximately $65,000. Headlands Technologies LLC grew its holdings in VNET Group by 1,199.7% during the 1st quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock valued at $66,000 after buying an additional 39,050 shares during the last quarter. Finally, Virtu Financial LLC increased its position in VNET Group by 135.9% during the fourth quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock worth $293,000 after buying an additional 58,817 shares in the last quarter. Institutional investors and hedge funds own 72.83% of the company’s stock.

About VNET Group

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.