Dingdong (Cayman) Limited (NYSE:DDL – Get Rating) was the recipient of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 2,680,000 shares, a decline of 8.2% from the October 15th total of 2,920,000 shares. Approximately 1.9% of the company's stock are short sold. Based on an average daily trading volume, of 623,500 shares, the short-interest ratio is currently 4.3 days.
Wall Street Analyst Weigh In
Separately, Morgan Stanley decreased their price objective on shares of Dingdong (Cayman) from $4.50 to $2.60 in a research report on Monday, October 31st.
Get Dingdong (Cayman) alerts:Dingdong (Cayman) Stock Up 1.6 %
Shares of Dingdong (Cayman) stock traded up $0.07 on Thursday, hitting $4.34. 4,220 shares of the company's stock traded hands, compared to its average volume of 760,155. Dingdong has a 52-week low of $2.43 and a 52-week high of $26.43. The stock has a market cap of $1.03 billion, a P/E ratio of -3.03 and a beta of -1.26. The firm's 50-day moving average is $3.64 and its 200 day moving average is $4.42.
Institutional Trading of Dingdong (Cayman)
Several institutional investors have recently added to or reduced their stakes in the stock. Tiger Global Management LLC lifted its holdings in Dingdong (Cayman) by 1,056.3% during the 1st quarter. Tiger Global Management LLC now owns 12,141,140 shares of the company's stock worth $43,101,000 after buying an additional 11,091,140 shares during the last quarter. Platinum Investment Management Ltd. increased its stake in Dingdong (Cayman) by 112.7% during the third quarter. Platinum Investment Management Ltd. now owns 7,952,801 shares of the company's stock valued at $28,312,000 after purchasing an additional 4,213,241 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Dingdong (Cayman) during the second quarter worth $4,354,000. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Dingdong (Cayman) during the third quarter worth $787,000. Finally, State Street Corp bought a new position in shares of Dingdong (Cayman) in the 3rd quarter worth about $779,000. 28.58% of the stock is owned by institutional investors and hedge funds.About Dingdong (Cayman)
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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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