Short Interest in Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL) Expands By 113.4%

Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL) was the recipient of a significant growth in short interest during the month of January. As of January 15th, there was short interest totaling 2,806,602 shares, a growth of 113.4% from the December 31st total of 1,315,395 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 1,751,278 shares, the days-to-cover ratio is presently 1.6 days. Based on an average daily trading volume, of 1,751,278 shares, the days-to-cover ratio is presently 1.6 days. Approximately 1.7% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of research firms have recently commented on DDL. Wall Street Zen lowered shares of Dingdong (Cayman) from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Zacks Research lowered shares of Dingdong (Cayman) from a “hold” rating to a “strong sell” rating in a research note on Monday, January 19th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Dingdong (Cayman) in a report on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce”.

Dingdong (Cayman) Price Performance

Shares of DDL stock traded down $0.04 during trading hours on Friday, hitting $2.85. The company had a trading volume of 385,396 shares, compared to its average volume of 1,461,476. Dingdong has a fifty-two week low of $1.65 and a fifty-two week high of $3.85. The company’s fifty day moving average is $2.45 and its 200 day moving average is $2.18. The stock has a market capitalization of $672.07 million, a PE ratio of 16.74 and a beta of 0.42.

Institutional Investors Weigh In On Dingdong (Cayman)

Hedge funds and other institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Dingdong (Cayman) by 20.1% during the second 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 during the last quarter. JPMorgan Chase & Co. boosted its stake in Dingdong (Cayman) by 66.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 968,405 shares of the company’s stock worth $1,956,000 after purchasing an additional 386,795 shares during the period. Qube Research & Technologies Ltd grew its position in Dingdong (Cayman) by 283.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 491,115 shares of the company’s stock worth $992,000 after purchasing an additional 362,974 shares during the last quarter. Norges Bank purchased a new position in Dingdong (Cayman) during the 2nd quarter worth $593,000. Finally, Allspring Global Investments Holdings LLC increased its stake in Dingdong (Cayman) by 8.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,020,244 shares of the company’s stock valued at $7,520,000 after purchasing an additional 230,000 shares during the period. 24.66% of the stock is currently owned by institutional investors and hedge funds.

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.