Short Interest in VNET Group, Inc. (NASDAQ:VNET) Increases By 15.5%

VNET Group, Inc. (NASDAQ:VNET) saw a significant increase in short interest in November. As of November 30th, there was short interest totalling 7,000,000 shares, an increase of 15.5% from the November 15th total of 6,060,000 shares. Based on an average daily volume of 2,020,000 shares, the days-to-cover ratio is presently 3.5 days.

VNET Group Trading Down 2.9 %

Shares of NASDAQ:VNET opened at $3.99 on Friday. The firm has a fifty day moving average of $3.73 and a two-hundred day moving average of $2.88. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. VNET Group has a 12-month low of $1.39 and a 12-month high of $4.50. The firm has a market capitalization of $1.03 billion, a P/E ratio of -1.80 and a beta of -0.19.

Analyst Ratings Changes

A number of brokerages have recently weighed in on VNET. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a research note on Wednesday, October 9th. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $3.10 to $5.00 in a research note on Friday, November 29th. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, Citigroup assumed coverage on VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price on the stock. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $4.78.

Institutional Inflows and Outflows

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

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.