Share Repurchase Program Approved by Dingdong (Cayman) (NYSE:DDL) Board

Dingdong (Cayman) (NYSE:DDL) announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 6th, RTT News reports. The company plans to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Dingdong (Cayman) Trading Down 5.8 %

Shares of DDL opened at $3.36 on Friday. Dingdong has a 12-month low of $1.08 and a 12-month high of $4.79. The company’s 50-day moving average price is $3.37 and its 200 day moving average price is $3.43. The firm has a market cap of $792.54 million, a P/E ratio of 37.28 and a beta of 0.44.

Dingdong (Cayman) (NYSE:DDL) last released its quarterly earnings results on Thursday, March 6th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.04 by $0.02. Dingdong (Cayman) had a return on equity of 40.86% and a net margin of 0.90%. The business had revenue of $808.99 million during the quarter, compared to analysts’ expectations of $798.85 million. Equities research analysts forecast that Dingdong will post 0.07 earnings per share for the current year.

About Dingdong (Cayman)

Dingdong (Cayman) Limited operates an e-commerce company in China. The company offers fresh groceries, including vegetables, meat and eggs, fruits, and seafood; prepared food, and other food products, such as baked goods, dairy, seasonings, beverages, instant food, oil, and snacks. It offers its products through traditional offline, as well as online channels through Dingdong Fresh app, mini-programs, and third-party platforms.