Chindata Group (NASDAQ:CD) Stock Price Down 9.2% – Here’s Why

Chindata Group Holdings Limited (NASDAQ:CD)’s stock price was down 9.2% during mid-day trading on Tuesday. The stock traded as low as $8.85 and last traded at $8.87. 12,004 shares were traded during mid-day trading, a decline of 94% from the average session volume of 211,514 shares. The stock had previously closed at $9.77.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CD. Wall Street Zen upgraded Chindata Group from a “sell” rating to a “hold” rating in a research note on Saturday, October 3rd. Weiss Ratings lowered Chindata Group from a “sell (d)” rating to a “sell (e+)” rating in a research report on Thursday, October 8th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Chindata Group Stock Performance

The company’s 50-day moving average is $5.17 and its 200 day moving average is $5.09. The company has a market capitalization of $1.10 billion, a PE ratio of -334.33 and a beta of 5.06.

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 for the quarter.

Hedge Funds Weigh In On Chindata Group

A hedge fund recently raised its position in Chindata Group stock. Bank of America Corp DE boosted its position in shares of Chindata Group Holdings Limited (NASDAQ:CD) by 11.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,834 shares of the company’s stock after purchasing 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. Hedge funds and other institutional investors own 30.82% of the company’s stock.

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.