Chindata Group (NASDAQ:CD) Shares Up 18.3% – Here’s Why

Chindata Group Holdings Limited (NASDAQ:CD) shares were up 18.3% during mid-day trading on Tuesday . The stock traded as high as $4.60 and last traded at $4.60. 191,306 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 200,385 shares. The stock had previously closed at $3.89.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CD shares. Wall Street Zen downgraded Chindata Group from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Chindata Group in a research note on Monday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell”.

Chindata Group Stock Down 7.6%

The company’s fifty day simple moving average is $3.28 and its two-hundred day simple moving average is $4.63. The company has a market capitalization of $470.82 million, a price-to-earnings ratio of -142.67 and a beta of 5.23.

Institutional Investors Weigh In On Chindata Group

A hedge fund recently raised its position in Chindata Group stock. Bank of America Corp DE increased its position in shares of Chindata Group Holdings Limited (NASDAQ:CD) by 11.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 30.82% of the company’s stock.

Chindata Group Company Profile

Chindata Group Holdings Limited was a data center operator that provided infrastructure and technology services for cloud service providers, internet companies, financial institutions and other enterprise customers. Its offerings included the design, development and operation of hyperscale data centers, as well as related network connectivity, computing infrastructure and information technology services.

Founded in 2015 and headquartered in Beijing, Chindata focused primarily on markets across Asia-Pacific, including China and selected countries in Southeast and South Asia.