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

Chindata Group Holdings Limited (NASDAQ:CD)’s share price gapped down before the market opened on Friday. The stock had previously closed at $6.74, but opened at $6.06. Chindata Group shares last traded at $6.01, with a volume of 11,499 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CD shares. Weiss Ratings downgraded Chindata Group from a “sell (d)” rating to a “sell (e+)” rating in a research report on Thursday, October 8th. Wall Street Zen upgraded Chindata Group from a “sell” rating to a “hold” rating in a research note on Saturday, October 3rd. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Chindata Group presently has an average rating of “Sell”.

Chindata Group Stock Down 6.6%

The company has a market capitalization of $605.02 million, a P/E ratio of -183.33 and a beta of 5.15. The firm has a 50-day moving average price of $5.89 and a two-hundred day moving average price of $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.

Institutional Trading of Chindata Group

An institutional investor recently raised its position in Chindata Group stock. Bank of America Corp DE grew its stake in Chindata Group Holdings Limited (NASDAQ:CD) by 11.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,834 shares of the company’s stock after acquiring 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 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.