Traders Buy Large Volume of VNET Group Call Options (NASDAQ:VNET)

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) was the target of some unusual options trading on Wednesday. Investors purchased 6,117 call options on the stock. This represents an increase of approximately 420% compared to the average daily volume of 1,176 call options.

VNET Group Stock Up 1.0 %

VNET Group stock traded up $0.06 during mid-day trading on Wednesday, reaching $6.36. 4,545,108 shares of the company were exchanged, compared to its average volume of 4,192,631. The business has a fifty day moving average of $4.43 and a 200 day moving average of $3.40. The firm has a market cap of $1.64 billion, a P/E ratio of -2.86, a PEG ratio of 0.53 and a beta of -0.24. 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 12-month low of $1.39 and a 12-month high of $6.56.

Wall Street Analysts Forecast Growth

VNET has been the subject of a number of research reports. The Goldman Sachs Group upgraded VNET Group from a "neutral" rating to a "buy" rating and boosted their price target for the company from $3.10 to $5.00 in a report on Friday, November 29th. UBS Group boosted their price target on VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a report on Friday, November 29th. Hsbc Global Res upgraded VNET Group to a "strong-buy" rating in a report on Wednesday, October 9th. Finally, HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price target for the company in a report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $4.78.

Hedge Funds Weigh In On VNET Group

A number of large investors have recently made changes to their positions in the business. Millennium Management LLC increased its position in shares of VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider's stock valued at $6,229,000 after acquiring an additional 1,400,683 shares during the period. Anson Funds Management LP increased its position in shares of VNET Group by 84.9% in the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider's stock valued at $1,836,000 after acquiring an additional 206,580 shares during the period. SG Americas Securities LLC increased its position in shares of VNET Group by 534.6% in the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider's stock valued at $1,931,000 after acquiring an additional 343,140 shares during the period. GSA Capital Partners LLP increased its position in shares of VNET Group by 24.8% in the 3rd quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider's stock valued at $1,506,000 after acquiring an additional 73,311 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of VNET Group by 237.7% in the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock valued at $1,218,000 after acquiring an additional 210,124 shares during the period. 72.83% of the stock is 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.