City Developments (OTCMKTS:CDEVY) Shares Gap Up – Here’s Why

City Developments Ltd. (OTCMKTS:CDEVY) shares gapped up before the market opened on Thursday . The stock had previously closed at $5.90, but opened at $6.1775. City Developments shares last traded at $6.1775, with a volume of 244 shares changing hands.

Analysts Set New Price Targets

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

City Developments Stock Up 2.8%

The firm’s 50-day simple moving average is $6.26 and its two-hundred day simple moving average is $6.70. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.77 and a quick 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.