Chindata Group (NASDAQ:CD) Stock Falls 6.5% – Here’s Why

Chindata Group Holdings Limited (NASDAQ:CD)’s stock price traded down 6.5% on Thursday. The company traded as low as $9.08 and last traded at $9.49. 33,274 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 200,899 shares. The stock had previously closed at $10.15.

Analyst Upgrades and Downgrades

CD has been the topic of a number of analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Chindata Group in a research note on Monday, September 21st. Wall Street Zen upgraded shares of Chindata Group from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Chindata Group has a consensus rating of “Sell”.

Chindata Group Stock Up 16.7%

The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -394.67 and a beta of 5.06. The company has a 50-day moving average price of $4.05 and a 200 day moving average price of $4.76.

Chindata Group (NASDAQ:CD) last posted its quarterly earnings results 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.

Institutional Trading of Chindata Group

A hedge fund recently raised its position in Chindata Group stock. Bank of America Corp DE grew its stake in Chindata Group Holdings Limited (NASDAQ:CD) by 11.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,834 shares of the company’s stock after buying an additional 3,792 shares during the period. Bank of America Corp DE’s holdings in Chindata Group were worth $143,000 as of its most recent SEC filing. Institutional investors and hedge funds own 30.82% of the company’s stock.

About Chindata Group

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.