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

VNET Group, Inc. (NASDAQ:VNET) was the recipient of a large decline in short interest in 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 currently 4.0 days.

VNET Group Price Performance

Shares of NASDAQ:VNET traded down $0.63 during trading on Tuesday, reaching $3.37. The stock had a trading volume of 1,422,302 shares, compared to its average volume of 1,510,698. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.87 and a current ratio of 0.87. VNET Group has a 1-year low of $1.39 and a 1-year high of $4.50. The stock has a market cap of $867.44 million, a PE ratio of -1.52, a PEG ratio of 8.08 and a beta of -0.30. The business has a fifty day moving average price of $2.88 and a 200-day moving average price of $2.29.

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 net margin of 34.62% and a negative return on equity of 11.44%. The company had revenue of $274.35 million during the quarter, compared to analysts’ expectations of $266.56 million. On average, equities analysts forecast that VNET Group will post 0.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a research note on Wednesday, October 9th. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Finally, Citigroup assumed coverage on VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price for the company. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $3.97.

Institutional Investors Weigh In On VNET Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC grew its holdings in VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after buying an additional 1,400,683 shares in the last quarter. Inspire Investing LLC acquired a new position in shares of VNET Group during the 3rd quarter valued at about $1,092,000. Maso Capital Partners Ltd grew its holdings in shares of VNET Group by 15.6% in the first quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock valued at $2,873,000 after purchasing an additional 250,000 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in VNET Group during the first quarter worth about $328,000. Finally, Creative Planning increased its position in VNET Group by 124.1% during the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after purchasing an additional 64,866 shares during 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.