Short Interest in VNET Group, Inc. (NASDAQ:VNET) Drops By 14.0%

VNET Group, Inc. (NASDAQ:VNET) was the recipient of a large drop in short interest in May. As of May 15th, there was short interest totalling 21,090,000 shares, a drop of 14.0% from the April 30th total of 24,520,000 shares. Based on an average daily trading volume, of 9,330,000 shares, the days-to-cover ratio is presently 2.3 days. Approximately 9.3% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ascent Group LLC purchased a new position in VNET Group during the first quarter worth about $98,000. Caxton Associates LLP purchased a new position in VNET Group during the first quarter worth about $892,000. KADENSA CAPITAL Ltd purchased a new stake in shares of VNET Group during the 1st quarter valued at approximately $8,135,000. Amundi purchased a new stake in shares of VNET Group during the 1st quarter valued at approximately $5,093,000. Finally, Point72 Europe London LLP purchased a new stake in shares of VNET Group during the 1st quarter valued at approximately $2,611,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

VNET Group Stock Performance

Shares of VNET Group stock opened at $5.82 on Thursday. VNET Group has a one year low of $1.71 and a one year high of $16.13. The company has a market cap of $1.57 billion, a price-to-earnings ratio of -2.62, a PEG ratio of 1.01 and a beta of 0.14. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The business’s 50 day moving average price is $6.03 and its 200 day moving average price is $6.88.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Wednesday, May 28th. The information technology services provider reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.11). VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The company had revenue of $309.52 million for the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the previous year, the business posted ($0.28) EPS. On average, research analysts predict that VNET Group will post -0.06 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wall Street Zen lowered shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Tuesday, May 6th. Nomura Securities upgraded VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. Finally, Citigroup raised their price objective on VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $9.30.

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.