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

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on VNET. Citigroup began coverage on VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective on the stock. HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research report on Wednesday, October 9th. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and raised their target price for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group upped their price target 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. Finally, Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, VNET Group currently has an average rating of “Buy” and an average price target of $4.78.

VNET Group Stock Performance

Shares of VNET opened at $3.86 on Tuesday. The stock has a market capitalization of $993.56 million, a P/E ratio of -1.74 and a beta of -0.19. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. VNET Group has a 1 year low of $1.39 and a 1 year high of $4.50. The company’s fifty day moving average is $3.72 and its two-hundred day moving average is $2.90.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wolverine Trading LLC acquired a new stake in VNET Group in the third quarter valued at about $46,000. Ballentine Partners LLC acquired a new stake in shares of VNET Group in the 2nd quarter valued at approximately $36,000. Walleye Capital LLC purchased a new stake in shares of VNET Group in the third quarter valued at approximately $115,000. AXA S.A. acquired a new position in VNET Group during the second quarter worth $65,000. Finally, Blue Trust Inc. raised its position in VNET Group by 785.4% in the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after acquiring an additional 37,322 shares in the last quarter. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.