City Developments (OTCMKTS:CDEVY) Shares Up 11.8% – Time to Buy?

City Developments Ltd. (OTCMKTS:CDEVY)’s stock price shot up 11.8% on Wednesday . The company traded as high as $6.24 and last traded at $6.24. 260 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 8,779 shares. The stock had previously closed at $5.58.

Analyst Ratings Changes

Separately, The Goldman Sachs Group raised shares of City Developments from a “strong sell” rating to a “buy” rating in a research note on Wednesday, May 27th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, City Developments currently has an average rating of “Buy”.

City Developments Trading Up 2.4%

The company has a 50-day moving average of $6.37 and a two-hundred day moving average of $6.72. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.77 and a current ratio of 0.77.

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.