Dingdong (Cayman) Limited Sponsored ADR $DDL Stake Lowered by Platinum Investment Management Ltd.

Platinum Investment Management Ltd. reduced its stake in shares of Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL) by 17.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 6,677,746 shares of the company’s stock after selling 1,448,227 shares during the period. Dingdong (Cayman) accounts for 0.9% of Platinum Investment Management Ltd.’s holdings, making the stock its 21st biggest position. Platinum Investment Management Ltd.’s holdings in Dingdong (Cayman) were worth $13,489,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its stake in Dingdong (Cayman) by 732.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,040,244 shares of the company’s stock valued at $8,209,000 after purchasing an additional 2,675,244 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Dingdong (Cayman) by 30.7% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,641,834 shares of the company’s stock valued at $7,133,000 after buying an additional 621,018 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Dingdong (Cayman) in the 4th quarter valued at approximately $1,958,000. Bank of America Corp DE grew its stake in shares of Dingdong (Cayman) by 1,447.5% in the 4th quarter. Bank of America Corp DE now owns 238,461 shares of the company’s stock valued at $782,000 after buying an additional 223,052 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new stake in shares of Dingdong (Cayman) in the 4th quarter valued at approximately $47,000. 24.66% of the stock is currently owned by hedge funds and other institutional investors.

Dingdong (Cayman) Stock Performance

DDL opened at $2.06 on Thursday. The company has a market cap of $485.45 million, a PE ratio of 9.79 and a beta of 0.47. The stock has a 50-day moving average of $2.16 and a 200-day moving average of $2.26. Dingdong has a 52-week low of $1.95 and a 52-week high of $4.79.

Dingdong (Cayman) (NYSE:DDL) last announced its earnings results on Thursday, August 21st. The company reported $0.06 earnings per share (EPS) for the quarter. The firm had revenue of $834.20 million during the quarter. Dingdong (Cayman) had a return on equity of 41.69% and a net margin of 1.39%. On average, research analysts predict that Dingdong will post 0.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Dingdong (Cayman) from a “hold” rating to a “buy” rating in a research report on Saturday, August 30th.

About Dingdong (Cayman)

Dingdong (Cayman) Limited operates an e-commerce company in China. The company offers fresh groceries, including vegetables, meat and eggs, fruits, and seafood; prepared food, and other food products, such as baked goods, dairy, seasonings, beverages, instant food, oil, and snacks. It offers its products through traditional offline, as well as online channels through Dingdong Fresh app, mini-programs, and third-party platforms.