Chindata Group (NASDAQ:CD) Shares Down 5.3% - What's Next?

Key Points

• Chindata Group shares dropped about 5.3% to roughly $5.15 during midday trading, with 60,052 shares changing hands (about 29% below average) after a prior close of $5.44.
• Wall Street Zen upgraded CD from "sell" to "hold" on March 28, but the stock still carries a consensus "Sell" rating.
• Several large institutions (Geode, State Street, Goldman Sachs, Charles Schwab, Nuveen) initiated new Q4 positions, leaving institutional ownership at approximately 30.82%.

Chindata Group Holdings Limited (NASDAQ:CD - Get Free Report) traded down 5.3% during mid-day trading on Friday . The stock traded as low as $5.12 and last traded at $5.15. 60,052 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 84,307 shares. The stock had previously closed at $5.44.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Chindata Group from a "sell" rating to a "hold" rating in a research note on Saturday, March 28th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Sell".

Chindata Group Trading Down 5.3%

The business's 50 day moving average is $4.80 and its two-hundred day moving average is $6.19.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC acquired a new stake in Chindata Group in the fourth quarter worth approximately $2,642,000. State Street Corp acquired a new stake in Chindata Group during the 4th quarter worth about $2,541,000. Goldman Sachs Group Inc. acquired a new stake in Chindata Group during the 4th quarter worth about $533,000. Charles Schwab Investment Management Inc. purchased a new position in Chindata Group during the 4th quarter valued at about $495,000. Finally, Nuveen LLC acquired a new position in shares of Chindata Group in the 4th quarter valued at about $408,000. Institutional investors and hedge funds own 30.82% of the company's stock.

Chindata Group Company Profile

Chindata Group Holdings Limited provides carrier-neutral hyperscale data center solutions in Mainland China, India, and Southeast Asia. It offers artificial intelligence, cloud computing, smart cities and homes, online entertainment, and other on-demand services. The company also provides internet data center colocation and rental services; and technical and consulting services. Its integrated data center solutions include infrastructure, power supply, connectivity and operation and maintenance, and tailor-made to their scale and requirements throughout the planning, design, construction, and operation process.

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