VNET Group, Inc. (NASDAQ:VNET) Sees Significant Decrease in Short Interest

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

Hedge Funds Weigh In On VNET Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Catalina Capital Group LLC acquired a new stake in VNET Group in the first quarter worth about $26,000. Headlands Technologies LLC lifted its holdings in VNET Group by 1,199.7% in the first quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock valued at $66,000 after acquiring an additional 39,050 shares during the period. Jump Financial LLC increased its position in shares of VNET Group by 101.6% in the fourth quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock valued at $242,000 after buying an additional 42,537 shares in the last quarter. Virtu Financial LLC increased its position in shares of VNET Group by 135.9% in the fourth quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock valued at $293,000 after buying an additional 58,817 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of VNET Group in the first quarter valued at approximately $328,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Bank of America raised VNET Group from a “neutral” rating to a “buy” rating and cut their target price for the stock from $3.90 to $2.70 in a research note on Tuesday, March 19th. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research note on Saturday, June 22nd.

VNET Group Stock Up 0.7 %

Shares of VNET opened at $2.10 on Friday. The stock has a market capitalization of $539.25 million, a price-to-earnings ratio of -0.79 and a beta of -0.33. VNET Group has a 1 year low of $1.39 and a 1 year high of $3.88. The business’s 50 day simple moving average is $1.99 and its 200-day simple moving average is $1.98. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings results on Wednesday, May 29th. The information technology services provider reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $262.89 million during the quarter, compared to the consensus estimate of $258.78 million.

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.