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

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

VNET Group Stock Down 2.9 %

VNET Group stock traded down $0.12 during mid-day trading on Friday, hitting $3.99. 3,727,436 shares of the company's stock were exchanged, compared to its average volume of 2,323,717. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The stock has a market cap of $1.03 billion, a P/E ratio of -1.80 and a beta of -0.19. VNET Group has a 1-year low of $1.39 and a 1-year high of $4.50. The stock has a 50 day moving average of $3.73 and a two-hundred day moving average of $2.88.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on VNET. The Goldman Sachs Group raised VNET Group from a "neutral" rating to a "buy" rating and increased their price target for the company from $3.10 to $5.00 in a research note on Friday, November 29th. Hsbc Global Res raised VNET Group to a "strong-buy" rating in a research note on Wednesday, October 9th. UBS Group increased their target price on VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a report on Friday, November 29th. StockNews.com upgraded 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 report on Wednesday, September 4th. They issued a "buy" rating and a $4.00 target price for the company. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $4.78.

Hedge Funds Weigh In On VNET Group

Several hedge funds have recently bought and sold shares of VNET. Wolverine Trading LLC acquired a new stake in shares of VNET Group in the third quarter valued at about $46,000. Ballentine Partners LLC bought a new position in shares of VNET Group in the second quarter valued at approximately $36,000. Walleye Capital LLC bought a new position in shares of VNET Group in the third quarter valued at approximately $115,000. AXA S.A. bought a new position in shares of VNET Group in the second quarter valued at approximately $65,000. Finally, Blue Trust Inc. raised its stake in shares of 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 valued at $172,000 after acquiring an additional 37,322 shares during the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

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.