Dingdong (Cayman) Limited (NYSE:DDL) Sees Significant Drop in Short Interest

Dingdong (Cayman) Limited (NYSE:DDL) was the recipient of a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 1,680,000 shares, a decline of 10.6% from the May 31st total of 1,880,000 shares. Currently, 1.2% of the company’s shares are sold short. Based on an average trading volume of 453,700 shares, the short-interest ratio is presently 3.7 days.

Institutional Trading of Dingdong (Cayman)

Hedge funds and other institutional investors have recently modified their holdings of the company. Platinum Investment Management Ltd. raised its position in Dingdong (Cayman) by 1.8% in the 4th quarter. Platinum Investment Management Ltd. now owns 9,308,945 shares of the company’s stock valued at $13,963,000 after buying an additional 166,736 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Dingdong (Cayman) by 0.4% in the first quarter. Vanguard Group Inc. now owns 4,849,609 shares of the company’s stock valued at $5,917,000 after purchasing an additional 17,900 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Dingdong (Cayman) in the first quarter worth $54,000. Institutional investors and hedge funds own 24.66% of the company’s stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. dropped their price objective on Dingdong (Cayman) from $1.40 to $1.15 and set an “underweight” rating for the company in a report on Tuesday, March 5th.

Dingdong (Cayman) Stock Up 0.5 %

Shares of NYSE:DDL traded up $0.01 during midday trading on Wednesday, reaching $2.06. 181,402 shares of the company were exchanged, compared to its average volume of 406,481. The firm has a market cap of $486.63 million, a PE ratio of -68.67 and a beta of 0.25. Dingdong has a fifty-two week low of $1.07 and a fifty-two week high of $3.17. The stock has a fifty day simple moving average of $1.87 and a two-hundred day simple moving average of $1.50.

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.