CD - Why Chindata Group Holdings Stock Soared 20% Higher This Week
2023-06-02 18:10:49 ET
China-based data center operator Chindata Group (NASDAQ: CD) had a week to remember. The company's share price rocketed 20% higher over the period, according to data compiled by S&P Global Market Intelligence . Solid quarterly performance and a subsequent analyst price target increase provided much of that lift.
A big jump in share price often happens when a company not only posts robust growth, but also crushes estimates -- particularly on the bottom line.
That was very much the case with Chindata. The specialty tech company managed to grow its first-quarter revenue by 57% year over year to 1.44 billion yuan ($203 million). Even better, net income flew 168% higher to land at a perch of 253 million yuan ($36 million).
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Why Chindata Group Holdings Stock Soared 20% Higher This Week