Chindata Group (NASDAQ:CD) Shares Gap Up – Still a Buy?

Chindata Group Holdings Limited (NASDAQ:CD) shares gapped up before the market opened on Thursday . The stock had previously closed at $4.28, but opened at $4.58. Chindata Group shares last traded at $4.71, with a volume of 24,859 shares trading hands.

Wall Street Analysts Forecast Growth

CD has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Chindata Group in a research note on Monday. Wall Street Zen downgraded shares of Chindata Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 29th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of “Sell”.

Chindata Group Stock Up 9.6%

The company has a market cap of $515.92 million, a P/E ratio of -156.33 and a beta of 5.23. The business has a fifty day simple moving average of $3.28 and a two-hundred day simple moving average of $4.63.

Hedge Funds Weigh In On Chindata Group

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

Chindata Group Company Profile

Chindata Group Holdings Limited was a data center operator that provided infrastructure and technology services for cloud service providers, internet companies, financial institutions and other enterprise customers. Its offerings included the design, development and operation of hyperscale data centers, as well as related network connectivity, computing infrastructure and information technology services.

Founded in 2015 and headquartered in Beijing, Chindata focused primarily on markets across Asia-Pacific, including China and selected countries in Southeast and South Asia.