5 High Growth IT Stocks to Buy

2. Chindata Group Holdings Limited (NASDAQ:CD)

Number of Hedge Fund Holders: 25

Quarterly Revenue Growth YoY as of September 29, 2022: 62.40%

Chindata Group Holdings Limited (NASDAQ:CD) was founded in 2015 and is headquartered in Beijing, China. The company offers carrier-neutral hyper scale data center solutions in China, India, Malaysia, and Southeast Asia. It provides artificial intelligence, cloud computing, smart cities and homes, online entertainment, and other on-demand services. In the third quarter of 2022, Chindata Group Holdings Limited (NASDAQ:CD)’s revenue of $169.1 million jumped 62.4% year-over-year, beating estimates by $12.8 million. 

On November 23, Citi analyst Andre Lin reiterated a Buy recommendation on Chindata Group Holdings Limited (NASDAQ:CD) but lowered the firm’s price target on the shares to $8.90 from $9.30 following the Q3 results. He believes that the stock is still undervalued and Chindata reported a Q3 that exceeded expectations, with increased customer demand and better utilization. 

According to Insider Monkey’s Q3 data, 25 hedge funds were long Group Holdings Limited (NASDAQ:CD), compared to 22 funds in the prior quarter. 

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