City Developments (OTCMKTS:CDEVY) Shares Gap Down – Here’s Why

City Developments Ltd. (OTCMKTS:CDEVY) shares gapped down before the market opened on Tuesday . The stock had previously closed at $6.9650, but opened at $6.40. City Developments shares last traded at $6.49, with a volume of 493 shares traded.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upgraded shares of City Developments from a “strong sell” rating to a “buy” rating in a research note on Wednesday, May 27th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy”.

City Developments Stock Performance

The company has a debt-to-equity ratio of 1.00, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a 50 day simple moving average of $6.47 and a 200-day simple moving average of $6.66.

City Developments Company Profile

City Developments Limited (OTCMKTS: CDEVY) is a Singapore-based real estate developer founded in 1963. As one of the country’s largest and most established property companies, it operates as part of the Hong Leong Group of Companies. Over the past five decades, City Developments has grown from its local beginnings into an international developer with a diversified portfolio spanning residential, commercial and mixed-use projects.

The company’s core activities include property development, investment and management.