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

VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Get Free Report) was the recipient of some unusual options trading activity on Monday. Stock investors bought 14,094 call options on the stock. This is an increase of approximately 144% compared to the average daily volume of 5,772 call options.

VNET Group Stock Up 0.6%

VNET traded up $0.05 during trading on Monday, reaching $7.03. The company had a trading volume of 4,950,292 shares, compared to its average volume of 4,893,619. The company has a market cap of $1.89 billion, a P/E ratio of -702.90, a PEG ratio of 1.31 and a beta of 0.09. VNET Group has a 12 month low of $1.71 and a 12 month high of $16.13. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.10 and a quick ratio of 1.10. The business's fifty day moving average price is $5.92 and its 200 day moving average price is $7.15.

VNET Group (NASDAQ:VNET - Get Free Report) last issued 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). The company had revenue of $309.52 million for the quarter, compared to analyst estimates of $2.22 billion. VNET Group had a return on equity of 2.11% and a net margin of 1.66%. During the same quarter in the previous year, the business earned ($0.28) earnings per share. Equities analysts anticipate that VNET Group will post -0.06 EPS for the current year.

VNET Group declared that its board has initiated a share buyback program on Friday, June 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the information technology services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on VNET. Citigroup lifted 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. Wall Street Zen raised VNET Group from a "sell" rating to a "hold" rating in a research note on Sunday, June 15th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $9.30.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of VNET. Triata Capital Ltd acquired a new position in VNET Group during the 4th quarter worth approximately $47,377,000. Millennium Management LLC lifted its position in shares of VNET Group by 3.4% in the fourth 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. Vanguard Group Inc. boosted its holdings in VNET Group by 5.3% during the first quarter. Vanguard Group Inc. now owns 5,495,446 shares of the information technology services provider's stock worth $45,063,000 after purchasing an additional 278,496 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in VNET Group in the first quarter valued at $27,463,000. Finally, Taikang Asset Management Hong Kong Co Ltd bought a new position in VNET Group in the first quarter valued at $27,210,000. 72.83% of the stock is currently owned by institutional investors.

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.

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