Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL) Sees Significant Decrease in Short Interest

Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL) was the target of a large decline in short interest in January. As of January 30th, there was short interest totaling 1,968,600 shares, a decline of 29.9% from the January 15th total of 2,806,602 shares. Based on an average daily volume of 1,214,416 shares, the days-to-cover ratio is presently 1.6 days. Approximately 1.2% of the company’s stock are sold short. Approximately 1.2% of the company’s stock are sold short. Based on an average daily volume of 1,214,416 shares, the days-to-cover ratio is presently 1.6 days.

Analysts Set New Price Targets

Several brokerages have issued reports on DDL. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dingdong (Cayman) in a research report on Monday, December 29th. Wall Street Zen lowered Dingdong (Cayman) from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Finally, Zacks Research downgraded shares of Dingdong (Cayman) from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Dingdong (Cayman) currently has a consensus rating of “Reduce”.

Dingdong (Cayman) Price Performance

NYSE DDL traded down $0.03 during trading on Monday, hitting $2.89. The company’s stock had a trading volume of 1,051,859 shares, compared to its average volume of 4,164,953. Dingdong has a fifty-two week low of $1.65 and a fifty-two week high of $3.85. The company has a market cap of $681.52 million, a PE ratio of 17.00 and a beta of 0.42. The business’s 50 day simple moving average is $2.70 and its 200-day simple moving average is $2.24.

Hedge Funds Weigh In On Dingdong (Cayman)

Hedge funds have recently made changes to their positions in the company. Boundless Plain Holdings Ltd purchased a new position in Dingdong (Cayman) during the fourth quarter valued at approximately $19,893,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Dingdong (Cayman) by 20.1% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,173,186 shares of the company’s stock valued at $6,410,000 after purchasing an additional 531,352 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Dingdong (Cayman) by 66.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 968,405 shares of the company’s stock valued at $1,956,000 after purchasing an additional 386,795 shares during the period. Qube Research & Technologies Ltd boosted its holdings in Dingdong (Cayman) by 283.3% during the second quarter. Qube Research & Technologies Ltd now owns 491,115 shares of the company’s stock worth $992,000 after buying an additional 362,974 shares in the last quarter. Finally, Norges Bank acquired a new stake in Dingdong (Cayman) during the second quarter valued at $593,000. 24.66% of the stock is owned by institutional investors and hedge funds.

Dingdong (Cayman) Company Profile

Dingdong (Cayman) Inc, which operates under the Dingdong Fresh brand, is a China-based online grocery and fresh food delivery platform. The company leverages a network of urban micro-fulfillment centers to offer consumers a wide selection of produce, meats, seafood, dairy, packaged goods and everyday household items through its mobile application and website.

Orders placed via the Dingdong Fresh app are fulfilled from strategically located dark stores within target neighborhoods, enabling the company to promise delivery times as fast as 20–30 minutes.