Chindata Group (NASDAQ:CD) Stock Price Down 8.8% – Here’s What Happened

Chindata Group Holdings Limited (NASDAQ:CD) shares traded down 8.8% on Friday. The stock traded as low as $4.78 and last traded at $4.78. Approximately 61,857 shares traded hands during trading, a decline of 72% from the average session volume of 220,641 shares. The stock had previously closed at $5.24.

Analysts Set New Price Targets

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

Chindata Group Trading Down 18.7%

The stock’s fifty day simple moving average is $6.10 and its 200 day simple moving average is $5.17. The company has a market cap of $468.60 million, a price-to-earnings ratio of -142.00 and a beta of 5.15.

Chindata Group (NASDAQ:CD) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.01) EPS for the quarter. The company had revenue of $0.46 million during the quarter.

Institutional Trading of Chindata Group

A hedge fund recently raised its position in Chindata Group stock. Bank of New York Mellon Corp boosted its holdings in Chindata Group Holdings Limited (NASDAQ:CD) by 8.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 87,907 shares of the company’s stock after buying 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 quarter. Hedge funds and other institutional investors own 30.82% of the company’s stock.

Chindata Group Company Profile

Chindata Group Holdings Limited developed and operated hyperscale data centers, with services designed for large cloud computing and internet companies. Its offerings included data center planning, construction, power and cooling infrastructure, and ongoing facility operations. The company was founded in 2015 and was headquartered in Beijing. Its operations and development activities focused on China and extended to other Asia-Pacific markets, including India and Malaysia. Chindata was taken private by Bain Capital in 2023, after which its shares were delisted from Nasdaq.