Dingdong (Cayman) (NYSE:DDL) Trading 6.3% Higher – What’s Next?

Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL)’s share price shot up 6.3% on Monday . The company traded as high as $2.11 and last traded at $2.13. 182,601 shares were traded during trading, a decline of 79% from the average session volume of 866,705 shares. The stock had previously closed at $2.00.

Analyst Ratings Changes

Separately, Wall Street Zen lowered Dingdong (Cayman) from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 24th.

Dingdong (Cayman) Stock Performance

The company has a market cap of $504.35 million, a PE ratio of 14.23 and a beta of 0.47. The stock’s 50-day simple moving average is $2.26 and its 200 day simple moving average is $2.93.

Dingdong (Cayman) announced that its board has approved a share buyback program on Thursday, March 6th that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Dingdong (Cayman)

Several hedge funds have recently added to or reduced their stakes in the business. Bank of Nova Scotia purchased a new stake in shares of Dingdong (Cayman) during the fourth quarter worth about $33,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Dingdong (Cayman) during the 4th quarter valued at $35,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in Dingdong (Cayman) by 319.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,866 shares of the company’s stock valued at $42,000 after purchasing an additional 9,797 shares in the last quarter. Two Sigma Advisers LP acquired a new position in shares of Dingdong (Cayman) during the fourth quarter worth about $47,000. Finally, Diametric Capital LP purchased a new stake in shares of Dingdong (Cayman) during the 4th quarter valued at about $63,000. 24.66% of the stock is currently owned by hedge funds and other institutional investors.

Dingdong (Cayman) Company Profile

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.