VNET Group, Inc. (NASDAQ:VNET) Sees Large Decline in Short Interest

VNET Group, Inc. (NASDAQ:VNET) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 26,140,000 shares, a decrease of 19.6% from the March 15th total of 32,500,000 shares. Approximately 11.6% of the shares of the stock are sold short. Based on an average daily volume of 10,310,000 shares, the days-to-cover ratio is currently 2.5 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Triata Capital Ltd acquired a new stake in VNET Group during the 4th quarter worth approximately $47,377,000. D. E. Shaw & Co. Inc. acquired a new position in shares of VNET Group during the fourth quarter worth $7,183,000. Man Group plc acquired a new position in shares of VNET Group during the fourth quarter worth $5,094,000. Bank of America Corp DE grew its stake in shares of VNET Group by 610.2% in the fourth quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider’s stock worth $5,682,000 after purchasing an additional 1,029,963 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in VNET Group by 622.8% in the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock valued at $4,690,000 after purchasing an additional 852,519 shares during the period. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Price Performance

Shares of NASDAQ:VNET opened at $5.02 on Friday. The firm has a 50 day simple moving average of $9.50 and a 200 day simple moving average of $6.36. The company has a market cap of $1.29 billion, a price-to-earnings ratio of -2.26, a PEG ratio of 1.01 and a beta of 0.15. VNET Group has a one year low of $1.43 and a one year high of $16.13. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

VNET Group (NASDAQ:VNET) last released its quarterly earnings data on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.04). VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. The firm had revenue of $307.75 million for the quarter, compared to analyst estimates of $284.88 million. Research analysts predict that VNET Group will post -0.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on VNET shares. Citigroup boosted their price target on VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Nomura Securities raised shares of VNET Group to a “strong-buy” rating in a report on Friday, February 21st. Finally, StockNews.com cut shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, VNET Group presently has an average rating of “Buy” and an average price target of $9.30.

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.