Dingdong (Cayman) (NYSE:DDL) Shares Gap Down – Here’s What Happened

Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL)’s share price 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 traded.

Analyst Ratings Changes

A number of brokerages recently issued reports on DDL. Wall Street Zen downgraded shares of Dingdong (Cayman) from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Zacks Research downgraded Dingdong (Cayman) from a “hold” rating to a “strong sell” rating in a research note on Monday, January 19th. Finally, Weiss Ratings reissued 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, Dingdong (Cayman) currently has an average rating of “Reduce”.

Dingdong (Cayman) Stock Up 0.4%

The firm has a market capitalization of $649.63 million, a price-to-earnings ratio of 16.18 and a beta of 0.43. The stock’s 50-day moving average price is $2.60 and its 200 day moving average price is $2.21.

Hedge Funds Weigh In On Dingdong (Cayman)

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. QRG Capital Management Inc. purchased a new stake in shares of Dingdong (Cayman) during the second quarter worth approximately $32,000. Y Intercept Hong Kong Ltd acquired a new position in Dingdong (Cayman) during the 2nd quarter worth approximately $54,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of 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. lifted its holdings 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 buying an additional 386,795 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Dingdong (Cayman) during the second quarter worth approximately $334,000. Hedge funds and other institutional investors own 24.66% of the company’s stock.

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.