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

VNET Group, Inc. (NASDAQ:VNET) was the target of a significant growth in short interest during the month of February. As of February 15th, there was short interest totalling 18,100,000 shares, a growth of 29.3% from the January 31st total of 14,000,000 shares. Based on an average trading volume of 6,270,000 shares, the short-interest ratio is currently 2.9 days.

VNET Group Stock Up 15.4 %

Shares of VNET Group stock traded up $1.65 during trading on Wednesday, reaching $12.36. 10,022,402 shares of the company traded hands, compared to its average volume of 9,249,307. The firm has a market capitalization of $3.18 billion, a PE ratio of -5.56, a P/E/G ratio of 1.01 and a beta of -0.18. VNET Group has a 1-year low of $1.42 and a 1-year high of $16.13. The company has a 50 day moving average price of $8.11 and a 200-day moving average price of $5.08. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on VNET. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and increased their target price for the company from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group lifted their target price on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. Finally, Nomura Securities raised shares of VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, VNET Group presently has an average rating of “Buy” and a consensus price target of $4.78.

Hedge Funds Weigh In On VNET Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after buying an additional 210,124 shares during the period. Asset Management One Co. Ltd. acquired a new position in shares of VNET Group during the fourth quarter worth approximately $152,000. JPMorgan Chase & Co. lifted its holdings in shares of VNET Group by 136,783.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock worth $558,000 after purchasing an additional 136,783 shares in the last quarter. Virtu Financial LLC acquired a new stake in VNET Group in the 3rd quarter valued at $519,000. Finally, SG Americas Securities LLC increased its stake in VNET Group by 534.6% during 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 purchasing an additional 343,140 shares in the last quarter. Institutional investors own 72.83% of the company’s stock.

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.