Dingdong (Cayman) (NYSE:DDL) Shares Gap Down – Time to Sell?

Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL) gapped down prior to trading on Thursday . The stock had previously closed at $3.20, but opened at $2.77. Dingdong (Cayman) shares last traded at $2.8560, with a volume of 14,557,921 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on DDL shares. Weiss Ratings reissued a “hold (c)” rating on shares of Dingdong (Cayman) in a research note on Monday, December 29th. Zacks Research lowered Dingdong (Cayman) from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. Finally, Wall Street Zen cut shares of Dingdong (Cayman) from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Dingdong (Cayman) has an average rating of “Reduce”.

Dingdong (Cayman) Price Performance

The company’s 50 day moving average price is $2.56 and its 200 day moving average price is $2.21. The firm has a market cap of $653.18 million, a PE ratio of 16.26 and a beta of 0.43.

Institutional Investors Weigh In On Dingdong (Cayman)

A number of large investors have recently modified their holdings of DDL. QRG Capital Management Inc. acquired a new stake in shares of Dingdong (Cayman) during the 2nd quarter worth about $32,000. Y Intercept Hong Kong Ltd acquired a new stake in Dingdong (Cayman) in the second quarter valued at about $54,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Dingdong (Cayman) by 20.1% in 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. boosted its holdings in Dingdong (Cayman) by 66.5% during the second quarter. JPMorgan Chase & Co. now owns 968,405 shares of the company’s stock worth $1,956,000 after buying an additional 386,795 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in Dingdong (Cayman) during the second quarter worth $334,000. 24.66% of the stock is owned by hedge funds and other institutional investors.

About Dingdong (Cayman)

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.