Dingdong (Cayman) Limited (NYSE:DDL – Get Rating) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 2,680,000 shares, a drop of 8.2% from the October 15th total of 2,920,000 shares. Based on an average daily volume of 623,500 shares, the days-to-cover ratio is presently 4.3 days. Approximately 1.9% of the company's stock are sold short.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. increased its holdings in Dingdong (Cayman) by 46.2% in the first quarter. Citigroup Inc. now owns 48,629 shares of the company's stock valued at $172,000 after buying an additional 15,357 shares during the last quarter. Platinum Investment Management Ltd. purchased a new stake in Dingdong (Cayman) during the first quarter worth approximately $7,205,000. Cetera Investment Advisers acquired a new position in Dingdong (Cayman) in the first quarter valued at approximately $106,000. Vident Investment Advisory LLC purchased a new position in Dingdong (Cayman) in the first quarter valued at approximately $82,000. Finally, Tiger Global Management LLC raised its holdings in Dingdong (Cayman) by 1,056.3% during the first quarter. Tiger Global Management LLC now owns 12,141,140 shares of the company's stock worth $43,101,000 after purchasing an additional 11,091,140 shares in the last quarter. Hedge funds and other institutional investors own 28.58% of the company's stock.
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Dingdong (Cayman) Stock Performance
DDL stock traded up $0.07 during mid-day trading on Thursday, reaching $4.34. The company had a trading volume of 4,220 shares, compared to its average volume of 760,155. The firm has a fifty day simple moving average of $3.64 and a 200 day simple moving average of $4.42. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -3.03 and a beta of -1.26. Dingdong has a fifty-two week low of $2.43 and a fifty-two week high of $26.43.
Analyst Upgrades and Downgrades
Separately, Morgan Stanley reduced their target price on shares of Dingdong (Cayman) from $4.50 to $2.60 in a report on Monday, October 31st.
Dingdong (Cayman) Company Profile
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Dingdong (Cayman) Limited operates an e-commerce company in China. The company offers fresh produce, meat, seafood, prepared food, and other food products, such as dairy and bakery products, snacks, oil, seasonings, and beverages. It operates as a self-operated online retail business primarily through Dingdong Fresh.
Further Reading
- Get a free copy of the StockNews.com research report on Dingdong (Cayman) (DDL)
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