Short Interest in VNET Group, Inc. (NASDAQ:VNET) Rises By 53.5%

VNET Group, Inc. (NASDAQ:VNET) was the recipient of a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 14,000,000 shares, a growth of 53.5% from the January 15th total of 9,120,000 shares. Based on an average daily trading volume, of 3,880,000 shares, the short-interest ratio is currently 3.6 days.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in VNET Group by 237.7% in the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after acquiring an additional 210,124 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of VNET Group by 136,783.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock worth $558,000 after purchasing an additional 136,783 shares during the last quarter. Virtu Financial LLC bought a new position in shares of VNET Group during the third quarter valued at approximately $519,000. SG Americas Securities LLC boosted its position in VNET Group by 534.6% during the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock worth $1,931,000 after acquiring an additional 343,140 shares during the period. Finally, Blue Trust Inc. grew its stake 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 purchasing an additional 37,322 shares during the last quarter. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Stock Performance

NASDAQ VNET opened at $11.75 on Friday. VNET Group has a fifty-two week low of $1.42 and a fifty-two week high of $11.77. The stock’s fifty day moving average is $5.89 and its two-hundred day moving average is $4.09. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and boosted their price target for the company from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group raised their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, VNET Group has an average rating of “Buy” and a consensus target price of $4.78.

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.