Dingdong (Cayman) (NYSE:DDL) Sees Strong Trading Volume – Time to Buy?

Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL) saw unusually-high trading volume on Wednesday . Approximately 2,497,870 shares traded hands during mid-day trading, an increase of 53% from the previous session’s volume of 1,637,317 shares.The stock last traded at $3.1420 and had previously closed at $3.19.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on DDL shares. Zacks Research downgraded shares of Dingdong (Cayman) from a “hold” rating to a “strong sell” rating in a research note on Monday, January 19th. Wall Street Zen lowered shares of Dingdong (Cayman) from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Dingdong (Cayman) in a research report on Monday, December 29th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce”.

Dingdong (Cayman) Stock Down 0.3%

The company has a market cap of $751.21 million, a PE ratio of 18.71 and a beta of 0.43. The stock’s 50 day simple moving average is $2.53 and its two-hundred day simple moving average is $2.20.

Hedge Funds Weigh In On Dingdong (Cayman)

A number of large investors have recently modified their holdings of DDL. QRG Capital Management Inc. purchased a new stake in shares of Dingdong (Cayman) during the 2nd quarter worth about $32,000. Raymond James Financial Inc. grew its stake in Dingdong (Cayman) by 66.7% during the third quarter. Raymond James Financial Inc. now owns 25,000 shares of the company’s stock worth $52,000 after buying an additional 10,000 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Dingdong (Cayman) during the second quarter worth approximately $54,000. Centiva Capital LP acquired a new stake in shares of Dingdong (Cayman) in the third quarter worth $56,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Dingdong (Cayman) by 43,678.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 33,272 shares of the company’s stock valued at $67,000 after acquiring an additional 33,196 shares during the period. 24.66% of the stock is currently owned by hedge funds and other institutional investors.

Dingdong (Cayman) Company Profile

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.