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

Chindata Group Holdings Limited (NASDAQ:CD)’s stock price gapped down prior to trading on Friday. The stock had previously closed at $6.74, but opened at $6.06. Chindata Group shares last traded at $6.01, with a volume of 11,499 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CD. 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 cut 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.com, Chindata Group currently has an average rating of “Sell”.

Chindata Group Stock Performance

The company has a market cap of $605.02 million, a P/E ratio of -183.33 and a beta of 5.15. The firm has a 50 day moving average price of $5.89 and a 200-day moving average price of $5.19.

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

Hedge Funds Weigh In On Chindata Group

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

About Chindata Group

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.