VNET Group, Inc. (NASDAQ:VNET) Short Interest Down 13.2% in June

VNET Group, Inc. (NASDAQ:VNET) was the recipient of a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 7,220,000 shares, a decline of 13.2% from the May 31st total of 8,320,000 shares. Based on an average daily trading volume, of 901,400 shares, the days-to-cover ratio is currently 8.0 days.

VNET Group Stock Up 0.7 %

Shares of NASDAQ VNET opened at $2.10 on Friday. The stock has a market cap of $539.25 million, a P/E ratio of -0.79 and a beta of -0.33. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. VNET Group has a 12-month low of $1.39 and a 12-month high of $3.88. The business’s fifty day simple moving average is $1.99 and its 200-day simple moving average is $1.98.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Wednesday, May 29th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.13). VNET Group had a negative return on equity of 15.69% and a negative net margin of 39.32%. The firm had revenue of $262.89 million for the quarter, compared to analysts’ expectations of $258.78 million.

Wall Street Analyst Weigh In

VNET has been the subject of several analyst reports. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a report on Saturday, June 22nd. Bank of America upgraded VNET Group from a “neutral” rating to a “buy” rating and dropped their price target for the company from $3.90 to $2.70 in a research report on Tuesday, March 19th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Maso Capital Partners Ltd increased its holdings in shares of VNET Group by 15.6% during the 1st quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock worth $2,873,000 after buying an additional 250,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in VNET Group by 14.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,525,707 shares of the information technology services provider’s stock worth $4,379,000 after purchasing an additional 188,593 shares during the period. Pacer Advisors Inc. purchased a new position in VNET Group in the 4th quarter valued at about $2,021,000. AI Squared Management Ltd purchased a new position in VNET Group in the 4th quarter valued at about $893,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in VNET Group in the 1st quarter valued at about $328,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.