Dada Nexus (NASDAQ:DADA) Shares Gap Down to $2.53

Dada Nexus Limited (NASDAQ:DADA)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $2.53, but opened at $2.16. Dada Nexus shares last traded at $2.10, with a volume of 884,331 shares.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Daiwa Capital Markets upgraded shares of Dada Nexus from a “neutral” rating to a “buy” rating and set a $3.50 price objective on the stock in a research note on Tuesday, February 20th. New Street Research restated a “neutral” rating and set a $2.00 target price (down previously from $15.00) on shares of Dada Nexus in a research note on Wednesday, March 6th. Mizuho decreased their target price on shares of Dada Nexus from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, January 17th. Finally, Citigroup cut shares of Dada Nexus from a “buy” rating to a “sell” rating in a research note on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Dada Nexus currently has an average rating of “Hold” and a consensus price target of $6.00.

Dada Nexus Trading Down 0.9 %

The firm’s 50-day moving average price is $2.13 and its 200-day moving average price is $3.08.

Institutional Investors Weigh In On Dada Nexus

Several institutional investors and hedge funds have recently modified their holdings of DADA. Kaizen Capital Partners Ltd grew its holdings in shares of Dada Nexus by 6.9% in the third quarter. Kaizen Capital Partners Ltd now owns 12,281,623 shares of the company’s stock valued at $54,653,000 after purchasing an additional 788,425 shares in the last quarter. Aviva PLC grew its holdings in shares of Dada Nexus by 56.0% in the third quarter. Aviva PLC now owns 1,443,060 shares of the company’s stock valued at $6,422,000 after purchasing an additional 518,113 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of Dada Nexus by 135.5% in the third quarter. Federated Hermes Inc. now owns 1,203,059 shares of the company’s stock valued at $5,354,000 after purchasing an additional 692,120 shares in the last quarter. Alberta Investment Management Corp grew its holdings in shares of Dada Nexus by 31.7% in the second quarter. Alberta Investment Management Corp now owns 227,196 shares of the company’s stock valued at $1,206,000 after purchasing an additional 54,719 shares in the last quarter. Finally, ProShare Advisors LLC grew its holdings in shares of Dada Nexus by 111.0% in the second quarter. ProShare Advisors LLC now owns 52,841 shares of the company’s stock valued at $281,000 after purchasing an additional 27,792 shares in the last quarter. Institutional investors own 59.25% of the company’s stock.

About Dada Nexus

Dada Nexus Limited operates a platform of local on-demand retail and delivery in the People's Republic of China. It operates Dada Now, a local on-demand delivery platform that provides intra-city delivery and last-mile delivery services on an on-demand basis to chain merchants, small- and medium-sized enterprise merchants, and individual senders; and JDDJ, a local on-demand retail platform for consumers, retailers, and brand owner.