Chindata Group (NASDAQ:CD) Stock Falls 8.6% – Here’s What Happened

Chindata Group Holdings Limited (NASDAQ:CD)’s share price dropped 8.6% during trading on Wednesday. The stock traded as low as $7.65 and last traded at $7.74. 31,227 shares were traded during mid-day trading, a decline of 85% from the average session volume of 208,632 shares. The stock had previously closed at $8.47.

Analysts Set New Price Targets

CD has been the subject of a number of research analyst reports. Weiss Ratings downgraded Chindata Group from a “sell (d)” rating to a “sell (e+)” rating in a research report on Thursday, October 8th. Wall Street Zen upgraded shares of Chindata Group from a “sell” rating to a “hold” rating in a research note on Saturday, October 3rd. One investment analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Chindata Group Price Performance

The business’s fifty day moving average price is $5.08 and its 200-day moving average price is $5.05. The stock has a market capitalization of $902.00 million, a PE ratio of -273.33 and a beta of 5.06.

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 Investors Weigh In On Chindata Group

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

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.