Dingdong (Cayman) (NYSE:DDL) Shares Gap Up – Time to Buy?

Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $2.72, but opened at $2.86. Dingdong (Cayman) shares last traded at $3.3140, with a volume of 969,683 shares traded.

Wall Street Analysts Forecast Growth

DDL has been the topic of several research analyst reports. Wall Street Zen cut shares of Dingdong (Cayman) from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dingdong (Cayman) in a report on Monday. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Dingdong (Cayman) has a consensus rating of “Hold”.

Dingdong (Cayman) Stock Performance

The company has a 50-day moving average price of $1.96 and a 200-day moving average price of $2.07. The firm has a market capitalization of $733.49 million, a P/E ratio of 18.26 and a beta of 0.47.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Dingdong (Cayman) by 20.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,173,186 shares of the company’s stock valued at $6,410,000 after buying an additional 531,352 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Dingdong (Cayman) by 36.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 206,206 shares of the company’s stock valued at $417,000 after purchasing an additional 54,563 shares during the period. QRG Capital Management Inc. acquired a new position in shares of Dingdong (Cayman) during the second quarter worth about $32,000. Centiva Capital LP bought a new position in shares of Dingdong (Cayman) during the third quarter worth about $56,000. Finally, Raymond James Financial Inc. lifted its stake in Dingdong (Cayman) by 66.7% in the 3rd quarter. Raymond James Financial Inc. now owns 25,000 shares of the company’s stock valued at $52,000 after acquiring an additional 10,000 shares in the last quarter. 24.66% of the stock is currently owned by institutional investors.

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.