Chindata Group (NASDAQ:CD) Stock Price Up 4.4% – Here’s What Happened

Chindata Group Holdings Limited (NASDAQ:CD)’s share price rose 4.4% during trading on Friday. The stock traded as high as $7.34 and last traded at $7.29. 46,127 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 207,128 shares. The stock had previously closed at $6.98.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Weiss Ratings downgraded Chindata Group from a “sell (d)” rating to a “sell (e+)” rating in a research note on Thursday, October 8th. Wall Street Zen raised Chindata Group from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company currently has an average rating of “Sell”.

Chindata Group Stock Performance

The firm has a market capitalization of $776.60 million, a PE ratio of -235.33 and a beta of 5.06. The company’s 50 day simple moving average is $4.63 and its 200-day simple moving average is $4.93.

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

Institutional Trading of Chindata Group

A hedge fund recently raised its stake in Chindata Group stock. Bank of New York Mellon Corp increased its stake in Chindata Group Holdings Limited (NASDAQ:CD) by 8.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 about 0.11% of Chindata Group worth $350,000 as of its most recent SEC filing. Institutional investors own 30.82% of the company’s stock.

Chindata Group Company Profile

Chindata Group Holdings Limited was a data center solution provider focused on serving cloud service providers, internet companies and other enterprise customers in emerging markets across the Asia-Pacific region. The company developed and operated hyperscale data center campuses and provided supporting infrastructure for customers with large-scale computing and storage requirements.

Its services included data center planning, design, construction and operation, as well as facilities management, network connectivity and related information technology infrastructure services.