City Developments (OTCMKTS:CDEVY) Shares Gap Down - Here's What Happened

Key Points

• Gapped down: City Developments opened at $7.82 after closing at $8.20, last trading at $7.82 and down about 4.1% on a light volume of 437 shares.
• Analyst upgrade: DBS Bank raised the stock to a "moderate buy" on Nov. 25, and MarketBeat shows a consensus rating of "Buy."
• Technicals: the stock's 50-day moving average is $7.01 and its 200-day moving average is $5.98.

City Developments Ltd. (OTCMKTS:CDEVY - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $8.20, but opened at $7.82. City Developments shares last traded at $7.82, with a volume of 437 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Dbs Bank upgraded City Developments to a "moderate buy" rating in a research report on Tuesday, November 25th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy".

City Developments Trading Down 4.1%

The stock's fifty day moving average is $7.01 and its two-hundred day moving average is $5.98.

About City Developments

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.

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