Chindata Group (NASDAQ:CD) Stock Price Up 13.8% – Time to Buy?

Chindata Group Holdings Limited (NASDAQ:CD)’s stock price shot up 13.8% during trading on Wednesday. The stock traded as high as $6.76 and last traded at $6.51. 48,982 shares changed hands during trading, a decline of 78% from the average session volume of 217,882 shares. The stock had previously closed at $5.72.

Wall Street Analysts Forecast Growth

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

Chindata Group Stock Down 8.8%

The firm has a market capitalization of $590.72 million, a price-to-earnings ratio of -179.00 and a beta of 5.15. The stock’s fifty day moving average is $5.89 and its two-hundred day moving average is $5.19.

Chindata Group (NASDAQ:CD) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.01) EPS for the quarter. The firm 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 New York Mellon Corp lifted its holdings in shares of Chindata Group Holdings Limited (NASDAQ:CD) by 8.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 87,907 shares of the company’s stock after acquiring an additional 7,060 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.11% of Chindata Group worth $350,000 as of its most recent SEC filing. 30.82% of the stock is owned by hedge funds and other institutional investors.

Chindata Group Company Profile

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.