City Developments (OTCMKTS:CDEVY) Stock Price Up 11.8% – Time to Buy?

City Developments Ltd. (OTCMKTS:CDEVY) shares shot up 11.8% during mid-day trading on Wednesday . The company traded as high as $6.24 and last traded at $6.24. Approximately 260 shares changed hands during trading, a decline of 97% from the average session volume of 8,779 shares. The stock had previously closed at $5.58.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upgraded shares of City Developments from a “strong sell” rating to a “buy” rating in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of “Buy”.

City Developments Stock Up 2.4%

The stock has a fifty day moving average price of $6.37 and a two-hundred day moving average price of $6.72. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.77 and a quick ratio of 0.77.

City Developments Company Profile

City Developments Limited (OTCMKTS: CDEVY) is a Singapore-based real estate developer founded in 1963. As one of the country’s largest and most established property companies, it operates as part of the Hong Leong Group of Companies. Over the past five decades, City Developments has grown from its local beginnings into an international developer with a diversified portfolio spanning residential, commercial and mixed-use projects.

The company’s core activities include property development, investment and management.