Short Interest in VNET Group, Inc. (NASDAQ:VNET) Grows By 31.2%

VNET Group, Inc. (NASDAQ:VNET) saw a large growth in short interest in November. As of November 15th, there was short interest totalling 6,060,000 shares, a growth of 31.2% from the October 31st total of 4,620,000 shares. Based on an average daily volume of 2,020,000 shares, the short-interest ratio is currently 3.0 days.

VNET Group Stock Performance

VNET stock opened at $3.88 on Friday. The stock’s 50 day moving average price is $3.69 and its 200 day moving average price is $2.72. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. VNET Group has a 1 year low of $1.39 and a 1 year high of $4.50.

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Inspire Investing LLC acquired a new position in VNET Group in the 3rd quarter valued at about $1,092,000. Millennium Management LLC raised its position in shares of VNET Group by 89.1% in the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after buying an additional 1,400,683 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after buying an additional 37,322 shares during the period. Ballentine Partners LLC acquired a new stake in VNET Group during the second quarter worth approximately $36,000. Finally, Creative Planning grew its stake in VNET Group by 124.1% in the 3rd quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after acquiring an additional 64,866 shares during the period. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on VNET. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research note on Wednesday, October 9th. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $3.10 to $5.00 in a research report on Friday. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, UBS Group boosted their target price on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $4.78.

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.