Short Interest in Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL) Declines By 29.9%
by Danessa Lincoln · The Markets DailyDingdong (Cayman) Limited Sponsored ADR (NYSE:DDL – Get Free Report) was the recipient of a large decline in short interest during the month of 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 short-interest ratio is presently 1.6 days. Approximately 1.2% of the shares of the stock are sold short. Approximately 1.2% of the shares of the stock are sold short. Based on an average daily volume of 1,214,416 shares, the short-interest ratio is presently 1.6 days.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in DDL. Boundless Plain Holdings Ltd purchased a new stake in shares of Dingdong (Cayman) in the fourth quarter worth about $19,893,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in 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 worth $6,410,000 after acquiring an additional 531,352 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Dingdong (Cayman) by 66.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 968,405 shares of the company’s stock worth $1,956,000 after acquiring an additional 386,795 shares during the period. Qube Research & Technologies Ltd grew its position in Dingdong (Cayman) by 283.3% in the second quarter. Qube Research & Technologies Ltd now owns 491,115 shares of the company’s stock valued at $992,000 after acquiring an additional 362,974 shares in the last quarter. Finally, Norges Bank acquired a new stake in Dingdong (Cayman) in the second quarter valued at approximately $593,000. 24.66% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms have weighed in on DDL. Weiss Ratings reissued 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 cut Dingdong (Cayman) from a “hold” rating to a “strong sell” rating in a research report on Monday, January 19th. One 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) presently has an average rating of “Reduce”.
Check Out Our Latest Research Report on DDL
Dingdong (Cayman) Stock Down 0.9%
Shares of NYSE DDL traded down $0.03 during midday trading on Friday, hitting $2.89. The stock had a trading volume of 1,051,859 shares, compared to its average volume of 4,179,842. Dingdong has a 1-year low of $1.65 and a 1-year high of $3.85. The company has a fifty day moving average price of $2.70 and a 200 day moving average price of $2.24. The company has a market capitalization of $681.52 million, a price-to-earnings ratio of 17.00 and a beta of 0.43.
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.