Chindata Group (NASDAQ:CD) Shares Down 14% – Here’s Why

Chindata Group Holdings Limited (NASDAQ:CD)’s stock price fell 14% during trading on Monday. The stock traded as low as $5.64 and last traded at $5.78. 49,925 shares traded hands during trading, a decline of 77% from the average daily volume of 215,974 shares. The stock had previously closed at $6.72.

Analyst Ratings Changes

CD has been the subject of several research analyst reports. Weiss Ratings downgraded shares of Chindata Group from a “sell (d)” rating to a “sell (e+)” rating in a research report on Thursday, October 8th. Wall Street Zen raised shares of Chindata Group from a “sell” rating to a “hold” rating in a research report on Saturday, October 3rd. One analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, Chindata Group presently has an average rating of “Sell”.

Chindata Group Trading Down 11.3%

The stock has a market capitalization of $655.60 million, a P/E ratio of -198.67 and a beta of 5.15. The business has a fifty day simple moving average of $5.68 and a 200 day simple moving average of $5.18.

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 for the quarter.

Institutional Trading of Chindata Group

A hedge fund recently raised its position in Chindata Group stock. Bank of New York Mellon Corp raised its stake in shares of Chindata Group Holdings Limited (NASDAQ:CD) by 8.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 87,907 shares of the company’s stock after purchasing an additional 7,060 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.11% of Chindata Group worth $350,000 at the end of the most recent reporting period. 30.82% of the stock is currently owned by institutional investors.

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.