Chindata Group (NASDAQ:CD) Stock Falls 8.8% – Here’s What Happened

Chindata Group Holdings Limited (NASDAQ:CD)’s share price dropped 8.8% during mid-day trading on Friday. The stock traded as low as $4.78 and last traded at $4.78. Approximately 61,857 shares were traded during trading, a decline of 72% from the average daily volume of 220,641 shares. The stock had previously closed at $5.24.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CD. Wall Street Zen raised shares of Chindata Group from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd. Weiss Ratings downgraded shares of Chindata Group from a “sell (d)” rating to a “sell (e+)” rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat, Chindata Group presently has a consensus rating of “Sell”.

Chindata Group Stock Down 13.5%

The company has a market capitalization of $498.30 million, a P/E ratio of -151.00 and a beta of 5.15. The firm has a fifty day simple moving average of $6.09 and a 200-day simple moving average of $5.18.

Chindata Group (NASDAQ:CD) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.01) earnings per share for the quarter. The firm 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 position in Chindata Group Holdings Limited (NASDAQ:CD) by 8.7% during the 1st quarter, according to its most recent 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 period. Bank of New York Mellon Corp owned about 0.11% of Chindata Group worth $350,000 as of its most recent filing with the SEC. 30.82% of the stock is owned by institutional investors and hedge funds.

Chindata Group Company Profile

Chindata Group Holdings Limited developed and operated hyperscale data centers, with services designed for large cloud computing and internet companies. Its offerings included data center planning, construction, power and cooling infrastructure, and ongoing facility operations. The company was founded in 2015 and was headquartered in Beijing. Its operations and development activities focused on China and extended to other Asia-Pacific markets, including India and Malaysia. Chindata was taken private by Bain Capital in 2023, after which its shares were delisted from Nasdaq.