Chindata Group (NASDAQ:CD) Shares Down 9.2% – Here’s Why

Chindata Group Holdings Limited (NASDAQ:CD)’s share price was down 9.2% during trading on Tuesday. The stock traded as low as $8.85 and last traded at $8.87. Approximately 12,004 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 211,514 shares. The stock had previously closed at $9.77.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CD shares. Wall Street Zen raised shares of Chindata Group from a “sell” rating to a “hold” rating in a research report on Saturday, October 3rd. Weiss Ratings lowered shares of Chindata Group from a “sell (d)” rating to a “sell (e+)” rating in a research report on Thursday, October 8th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat, the stock currently has an average rating of “Sell”.

Chindata Group Stock Up 2.7%

The stock has a market capitalization of $1.10 billion, a PE ratio of -334.33 and a beta of 5.06. The firm has a 50 day moving average price of $5.17 and a 200-day moving average price of $5.09.

Chindata Group (NASDAQ:CD) last released its earnings results on Friday, August 14th. The company reported ($0.01) EPS for the quarter. The company had revenue of $0.46 million during the quarter.

Hedge Funds Weigh In On Chindata Group

A hedge fund recently raised its position in Chindata Group stock. Bank of New York Mellon Corp raised its holdings in shares of Chindata Group Holdings Limited (NASDAQ:CD) by 8.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 87,907 shares of the company’s stock after acquiring an additional 7,060 shares during the period. Bank of New York Mellon Corp owned approximately 0.11% of Chindata Group worth $350,000 at the end of the most recent quarter. 30.82% of the stock is owned by hedge funds and other institutional investors.

Chindata Group Company Profile

Chindata Group Holdings Limited was a data center operator and infrastructure services provider focused on hyperscale computing facilities in emerging Asian markets. The company developed, owned and operated data centers designed to support cloud service providers, internet companies, telecommunications firms and other enterprise customers.

Its services included data center design, construction and operation; colocation and managed infrastructure; cloud and network services; and related information technology infrastructure solutions.