Dada Nexus Limited (NASDAQ:DADA) Sees Significant Increase in Short Interest

Dada Nexus Limited (NASDAQ:DADA) was the target of a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 3,880,000 shares, an increase of 31.1% from the July 31st total of 2,960,000 shares. Based on an average daily trading volume, of 1,270,000 shares, the short-interest ratio is presently 3.1 days.

Dada Nexus Stock Down 1.8 %

DADA stock opened at $1.09 on Friday. The business’s 50-day moving average price is $1.34 and its 200-day moving average price is $1.76. The stock has a market cap of $288.35 million, a P/E ratio of -0.85 and a beta of 1.34. Dada Nexus has a twelve month low of $1.07 and a twelve month high of $5.82.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Citigroup raised Dada Nexus from a “sell” rating to a “neutral” rating and increased their target price for the company from $1.00 to $1.50 in a report on Wednesday, August 21st. Daiwa America upgraded shares of Dada Nexus to a “hold” rating in a research note on Thursday, August 22nd. Mizuho dropped their price objective on shares of Dada Nexus from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, May 21st. Finally, Daiwa Capital Markets started coverage on shares of Dada Nexus in a report on Thursday, August 22nd. They set a “neutral” rating for the company. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Dada Nexus presently has an average rating of “Hold” and a consensus price target of $3.35.

Hedge Funds Weigh In On Dada Nexus

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Dada Nexus by 25.0% during the 1st quarter. Vanguard Group Inc. now owns 3,427,799 shares of the company’s stock valued at $7,027,000 after purchasing an additional 686,316 shares during the period. Renaissance Technologies LLC increased its stake in Dada Nexus by 28.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,721,900 shares of the company’s stock worth $2,170,000 after buying an additional 380,100 shares in the last quarter. Marshall Wace LLP raised its holdings in Dada Nexus by 7.5% during the second quarter. Marshall Wace LLP now owns 619,716 shares of the company’s stock valued at $781,000 after acquiring an additional 43,359 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Dada Nexus by 202.3% in the second quarter. Canada Pension Plan Investment Board now owns 618,010 shares of the company’s stock valued at $779,000 after acquiring an additional 413,600 shares in the last quarter. Finally, ABS Direct Equity Fund LLC bought a new position in shares of Dada Nexus in the fourth quarter worth about $667,000. Hedge funds and other institutional investors own 59.25% of the company’s stock.

About Dada Nexus

Dada Nexus Limited operates a platform of local on-demand retail and delivery in the People’s Republic of China. It operates Dada Now, a local on-demand delivery platform that provides intra-city delivery and last-mile delivery services on an on-demand basis to chain merchants, small- and medium-sized enterprise merchants, and individual senders; and JDDJ, a local on-demand retail platforms for consumers, retailers, and brand owners.