Short Interest in VNET Group, Inc. (NASDAQ:VNET) Drops By 19.6%

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) was the recipient of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 26,140,000 shares, a decline of 19.6% from the March 15th total of 32,500,000 shares. Based on an average daily trading volume, of 10,310,000 shares, the days-to-cover ratio is presently 2.5 days. Approximately 11.6% of the company's shares are short sold.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VNET. StockNews.com cut VNET Group from a "hold" rating to a "sell" rating in a research note on Friday, March 14th. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a research report on Friday, February 21st. Finally, Citigroup boosted their price target on shares of VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, VNET Group has an average rating of "Buy" and an average price target of $9.30.

Institutional Investors Weigh In On VNET Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Triata Capital Ltd bought a new position in VNET Group in the fourth quarter worth approximately $47,377,000. Millennium Management LLC lifted its holdings in shares of VNET Group by 3.4% in the 4th quarter. Millennium Management LLC now owns 5,578,371 shares of the information technology services provider's stock worth $26,441,000 after purchasing an additional 181,749 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in VNET Group by 4.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,145,529 shares of the information technology services provider's stock valued at $10,170,000 after purchasing an additional 93,891 shares during the period. D. E. Shaw & Co. Inc. bought a new stake in VNET Group during the 4th quarter valued at $7,183,000. Finally, Bank of America Corp DE raised its holdings in VNET Group by 610.2% during 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 buying an additional 1,029,963 shares during the last quarter. 72.83% of the stock is owned by institutional investors.

VNET Group Trading Up 2.5 %

Shares of VNET Group stock traded up $0.13 on Thursday, hitting $5.42. 4,553,460 shares of the company's stock traded hands, compared to its average volume of 4,070,947. The company has a fifty day moving average of $9.10 and a two-hundred day moving average of $6.37. VNET Group has a one year low of $1.48 and a one year high of $16.13. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -2.44, a price-to-earnings-growth ratio of 1.01 and a beta of 0.15. 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 - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.04). The business had revenue of $307.75 million for the quarter, compared to the consensus estimate of $284.88 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. As a group, sell-side analysts expect that VNET Group will post -0.06 earnings per share for the current year.

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.