VNET Group Target of Unusually High Options Trading (NASDAQ:VNET)

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) was the target of some unusual options trading activity on Wednesday. Stock traders acquired 23,406 call options on the company. This represents an increase of 348% compared to the average daily volume of 5,230 call options.

Institutional Trading of VNET Group

Several hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in VNET Group by 3.2% during the 2nd quarter. Geode Capital Management LLC now owns 241,964 shares of the information technology services provider’s stock valued at $1,670,000 after buying an additional 7,489 shares in the last quarter. JPMorgan Chase & Co. raised its position in VNET Group by 1,201.2% during the second quarter. JPMorgan Chase & Co. now owns 511,417 shares of the information technology services provider’s stock valued at $3,529,000 after purchasing an additional 472,115 shares during the period. Quantbot Technologies LP boosted its stake in VNET Group by 333.0% during the second quarter. Quantbot Technologies LP now owns 18,805 shares of the information technology services provider’s stock worth $130,000 after buying an additional 14,462 shares during the period. EverSource Wealth Advisors LLC grew its holdings in VNET Group by 52.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 1,426 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new stake in shares of VNET Group during the 2nd quarter worth approximately $3,568,000. Institutional investors own 72.83% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on VNET. Wall Street Zen downgraded VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Zacks Research raised shares of VNET Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 27th. Jefferies Financial Group reissued a “buy” rating and issued a $24.79 target price on shares of VNET Group in a research note on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of VNET Group in a report on Tuesday, July 7th. They issued a “buy” rating and a $12.50 price objective for the company. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $14.00 price objective on shares of VNET Group in a research note on Wednesday, August 19th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, VNET Group presently has a consensus rating of “Moderate Buy” and an average price target of $16.90.

VNET Group Trading Down 5.3%

VNET stock traded down $0.36 on Wednesday, reaching $6.39. The company’s stock had a trading volume of 743,997 shares, compared to its average volume of 6,429,078. The business has a fifty day simple moving average of $7.22 and a two-hundred day simple moving average of $8.63. VNET Group has a 12-month low of $5.91 and a 12-month high of $14.48. The firm has a market cap of $1.73 billion, a PE ratio of -4.50 and a beta of 0.27. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.97 and a current ratio of 0.97.

VNET Group (NASDAQ:VNET) last released its quarterly earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.04). VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. The firm had revenue of $409.00 million for the quarter, compared to the consensus estimate of $401.77 million. As a group, research analysts forecast that VNET Group will post -0.27 EPS for the current year.

About VNET Group

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.