Chindata Group (NASDAQ:CD) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Chindata Group (NASDAQ:CD) from a buy rating to a hold rating in a research report report published on Wednesday morning, Zacks.com reports.

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. initiated coverage on Chindata Group in a research note on Wednesday, August 18th. They issued an overweight rating and a $18.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Buy and a consensus target price of $17.76.

NASDAQ:CD opened at $9.70 on Wednesday. The firm has a market capitalization of $3.54 billion, a P/E ratio of -161.67 and a beta of 3.25. Chindata Group has a one year low of $7.75 and a one year high of $27.47. The stock has a 50-day moving average price of $9.71. The company has a quick ratio of 4.16, a current ratio of 4.16 and a debt-to-equity ratio of 0.48.

Chindata Group (NASDAQ:CD) last posted its quarterly earnings results on Wednesday, August 25th. The company reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.32. The business had revenue of $106.31 million during the quarter, compared to the consensus estimate of $102.39 million. Chindata Group had a negative return on equity of 0.52% and a negative net margin of 3.01%. As a group, analysts expect that Chindata Group will post 0.04 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Chindata Group during the second quarter valued at approximately $51,429,000. Canada Pension Plan Investment Board raised its holdings in Chindata Group by 136.1% during the second quarter. Canada Pension Plan Investment Board now owns 5,844,937 shares of the company’s stock worth $88,200,000 after purchasing an additional 3,369,618 shares in the last quarter. American Assets Capital Advisers LLC raised its holdings in Chindata Group by 100.8% during the third quarter. American Assets Capital Advisers LLC now owns 6,575,216 shares of the company’s stock worth $55,298,000 after purchasing an additional 3,299,899 shares in the last quarter. Sylebra Capital Ltd raised its holdings in Chindata Group by 76.6% during the third quarter. Sylebra Capital Ltd now owns 7,205,162 shares of the company’s stock worth $60,595,000 after purchasing an additional 3,124,291 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Chindata Group by 310.3% during the third quarter. Marshall Wace LLP now owns 3,177,564 shares of the company’s stock worth $26,723,000 after purchasing an additional 2,403,120 shares in the last quarter. 14.40% of the stock is currently owned by hedge funds and other institutional investors.

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.

See Also: Special Purpose Acquisition Company (SPAC)

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