Chindata Group (NASDAQ:CD) Lifted to Buy at Zacks Investment Research

Chindata Group (NASDAQ:CD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, Zacks.com reports. The brokerage currently has a $11.00 price objective on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.40% from the company’s current price.

According to Zacks, “Chindata Group Holdings Limited provides carrier-neutral hyperscale data center solution. The company focuses on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry. It operates principally in China, India and Southeast Asia markets. Chindata Group Holdings Limited is based in BEIJING. “

Separately, JPMorgan Chase & Co. assumed coverage on shares of Chindata Group in a research note on Wednesday, August 18th. They set an “overweight” rating and a $18.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $18.35.

Shares of NASDAQ CD traded up $0.20 during trading hours on Thursday, hitting $9.70. 1,919,332 shares of the company’s stock were exchanged, compared to its average volume of 1,404,409. Chindata Group has a 1-year low of $7.75 and a 1-year high of $27.47. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.16 and a quick ratio of 4.16. The stock has a market cap of $3.54 billion, a PE ratio of -161.67 and a beta of 3.25. The firm has a 50-day moving average of $9.71.

Chindata Group (NASDAQ:CD) last issued its quarterly earnings results on Tuesday, November 23rd. The company reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.25. Chindata Group had a negative return on equity of 0.52% and a negative net margin of 3.01%. During the same period in the prior year, the company posted ($0.08) EPS. On average, research analysts predict that Chindata Group will post 0.04 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of CD. Sei Investments Co. increased its stake in Chindata Group by 32.3% in the second quarter. Sei Investments Co. now owns 136,256 shares of the company’s stock valued at $2,056,000 after acquiring an additional 33,228 shares during the period. Nuveen Asset Management LLC acquired a new stake in Chindata Group during the second quarter valued at approximately $2,135,000. Marshall Wace LLP bought a new stake in shares of Chindata Group in the 2nd quarter valued at approximately $11,688,000. Canada Pension Plan Investment Board raised its holdings in shares of Chindata Group by 136.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 5,844,937 shares of the company’s stock worth $88,200,000 after buying an additional 3,369,618 shares in the last quarter. Finally, Artisan Partners Limited Partnership lifted its position in shares of Chindata Group by 17.0% during the 2nd quarter. Artisan Partners Limited Partnership now owns 1,341,282 shares of the company’s stock worth $20,240,000 after buying an additional 194,738 shares during the period. Institutional investors and hedge funds own 14.40% of the company’s stock.

About Chindata Group

Chindata Group Holdings Limited provides carrier-neutral hyper scale data center solutions in 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.

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