VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET) Sees Significant Growth in Short Interest

Key Points

• VNET Group, Inc. experienced a dramatic increase in short interest, rising by 411.3% to 23,980,000 shares as of July 15th.
• Significant institutional activity was noted, with 72.83% of VNET's stock owned by institutional investors, including an increase in holdings by the Public Employees Retirement System of Ohio and Bingham Private Wealth LLC.
• Wall Street analysts have moved VNET Group's rating from "sell" to "hold", with an average price target of $9.30 and mixed ratings from various analysts.

VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Get Free Report) saw a large increase in short interest in July. As of July 15th, there was short interest totaling 23,980,000 shares, anincreaseof411.3% from the June 30th total of 4,690,000 shares. Based on an average trading volume of 6,410,000 shares, the short-interest ratio is presently 3.7 days. Based on an average trading volume of 6,410,000 shares, the short-interest ratio is presently 3.7 days.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio lifted its position in VNET Group by 16.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 14,600 shares of the information technology services provider's stock valued at $101,000 after purchasing an additional 2,100 shares during the last quarter. Bingham Private Wealth LLC lifted its position in VNET Group by 24.3% in the 2nd quarter. Bingham Private Wealth LLC now owns 13,050 shares of the information technology services provider's stock valued at $90,000 after purchasing an additional 2,547 shares during the last quarter. Quantbot Technologies LP bought a new stake in VNET Group in the 1st quarter valued at about $36,000. FNY Investment Advisers LLC bought a new stake in VNET Group in the 2nd quarter valued at about $32,000. Finally, Summit Securities Group LLC bought a new stake in VNET Group in the 1st quarter valued at about $40,000. 72.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of VNET Group from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. One analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $9.30.

VNET Group Trading Down 9.9%

VNET Group stock opened at $7.49 on Friday. The firm's 50-day moving average is $6.87 and its 200-day moving average is $7.71. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.10 and a current ratio of 1.10. VNET Group has a 1 year low of $1.71 and a 1 year high of $16.13. The company has a market cap of $2.01 billion, a P/E ratio of -749.00, a PEG ratio of 3.05 and a beta of 0.18.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share (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 business had revenue of $309.52 million during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the previous year, the business posted ($0.28) earnings per share. On average, equities analysts expect that VNET Group will post -0.06 earnings per share for the current year.

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

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.

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