Stock Traders Purchase High 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 on Tuesday. Investors purchased 10,613 call options on the company. This is an increase of 82% compared to the average volume of 5,831 call options.

VNET Group Stock Up 3.3%

NASDAQ VNET traded up $0.29 during mid-day trading on Thursday, reaching $9.08. The stock had a trading volume of 1,786,811 shares, compared to its average volume of 5,310,937. VNET Group has a 1 year low of $1.71 and a 1 year high of $16.13. The stock has a market cap of $2.44 billion, a PE ratio of -905.80, a price-to-earnings-growth ratio of 1.70 and a beta of 0.14. The company has a fifty day moving average price of $6.37 and a 200 day moving average price of $7.44. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.10 and a quick ratio of 1.10.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its earnings results 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 return on equity of 2.11% and a net margin of 1.66%. The company had revenue of $309.52 million during the quarter, compared to the consensus estimate of $2.22 billion. During the same period last year, the firm posted ($0.28) EPS. On average, research analysts expect that VNET Group will post -0.06 earnings per share for the current year.

VNET Group announced that its board has authorized a share buyback program on Friday, June 27th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the information technology services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of VNET Group from a "sell" rating to a "hold" rating in a report on Sunday. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, VNET Group has an average rating of "Buy" and a consensus target price of $9.30.

Institutional Trading of VNET Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VNET. Triata Capital Ltd bought a new position in shares of VNET Group during the fourth quarter valued at approximately $47,377,000. Canada Pension Plan Investment Board purchased a new position in shares of VNET Group in the first quarter worth $27,463,000. Taikang Asset Management Hong Kong Co Ltd purchased a new position in shares of VNET Group in the first quarter worth $27,210,000. Royal Bank of Canada raised its holdings in shares of VNET Group by 2,304,491.9% in the first quarter. Royal Bank of Canada now owns 1,705,398 shares of the information technology services provider's stock worth $13,985,000 after buying an additional 1,705,324 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of VNET Group in the fourth quarter worth $7,183,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

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.