Chindata Group (NASDAQ:CD) Stock Price Down 8.5% – Here’s What Happened

Chindata Group Holdings Limited (NASDAQ:CD)’s stock price traded down 8.5% during mid-day trading on Friday . The stock traded as low as $7.95 and last traded at $7.95. 1,757 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 136,658 shares. The stock had previously closed at $8.69.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Chindata Group from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Chindata Group Price Performance

The company has a 50-day moving average price of $5.71 and a 200-day moving average price of $6.06. The firm has a market capitalization of $641.08 million, a PE ratio of -403.50 and a beta of 4.93.

Chindata Group (NASDAQ:CD) last released its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share for the quarter. The company had revenue of $0.51 million during the quarter.

Insiders Place Their Bets

In related news, insider Wilfred Zhongkei Daye sold 4,000 shares of the stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $9.66, for a total transaction of $38,640.00. Following the transaction, the insider directly owned 75,765 shares in the company, valued at approximately $731,889.90. This represents a 5.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 8,000 shares of company stock worth $76,020 in the last quarter. Corporate insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Chindata Group

Several large investors have recently added to or reduced their stakes in CD. Public Employees Retirement System of Ohio acquired a new stake in Chindata Group during the fourth quarter worth about $27,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in Chindata Group during the fourth quarter worth about $45,000. New York State Common Retirement Fund acquired a new stake in Chindata Group during the fourth quarter worth about $51,000. The Manufacturers Life Insurance Company acquired a new stake in Chindata Group during the fourth quarter worth about $57,000. Finally, MetLife Investment Management LLC acquired a new stake in Chindata Group during the fourth quarter worth about $76,000. 30.82% of the stock is currently owned by hedge funds and other institutional investors.

About Chindata Group

Chindata Group Holdings Limited provides carrier-neutral hyperscale data center solutions in Mainland China, India, and Southeast Asia. It offers artificial intelligence, cloud computing, smart cities and homes, online entertainment, and other on-demand services. The company also provides internet data center colocation and rental services; and technical and consulting services. Its integrated data center solutions include infrastructure, power supply, connectivity and operation and maintenance, and tailor-made to their scale and requirements throughout the planning, design, construction, and operation process.