Dingdong (Cayman) (NYSE:DDL) Stock Price Up 6.3% – Time to Buy?

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

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Dingdong (Cayman) from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 24th.

Dingdong (Cayman) Stock Performance

The stock has a market cap of $511.44 million, a P/E ratio of 14.43 and a beta of 0.47. The firm has a 50-day moving average price of $2.25 and a 200-day moving average price of $2.91.

Dingdong (Cayman) declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 6th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the company to reacquire up to 2.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Harvest Fund Management Co. Ltd boosted its stake in Dingdong (Cayman) by 11,194.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 302,680 shares of the company’s stock worth $993,000 after acquiring an additional 300,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Dingdong (Cayman) by 195.3% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,020,816 shares of the company’s stock worth $6,628,000 after purchasing an additional 1,336,471 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Dingdong (Cayman) by 397.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,776,675 shares of the company’s stock worth $5,827,000 after purchasing an additional 1,419,190 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Dingdong (Cayman) in the 4th quarter worth approximately $512,000. Finally, California Public Employees Retirement System increased its position in Dingdong (Cayman) by 68.0% during the 4th quarter. California Public Employees Retirement System now owns 314,487 shares of the company’s stock valued at $1,032,000 after buying an additional 127,320 shares in the last quarter. 24.66% of the stock is currently owned by institutional investors.

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.