Dingdong (Cayman) (NYSE:DDL) Shares Gap Up – Still a Buy?

Shares of Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL) gapped up prior to trading 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

Several equities research analysts have commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Dingdong (Cayman) in a research report on Monday. Wall Street Zen downgraded shares of Dingdong (Cayman) from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold”.

Dingdong (Cayman) Stock Performance

The company has a market cap of $733.49 million, a P/E ratio of 18.26 and a beta of 0.47. The stock’s fifty day moving average price is $1.96 and its two-hundred day moving average price is $2.07.

Institutional Investors Weigh In On Dingdong (Cayman)

Hedge funds have recently modified their holdings of the company. QRG Capital Management Inc. bought a new position in Dingdong (Cayman) in the second quarter valued at about $32,000. Raymond James Financial Inc. raised its stake in shares of Dingdong (Cayman) by 66.7% during the third 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 during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Dingdong (Cayman) in the second quarter worth $54,000. Centiva Capital LP acquired a new stake in Dingdong (Cayman) in the third quarter valued at $56,000. Finally, BNP Paribas Financial Markets raised its position in Dingdong (Cayman) by 43,678.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 33,272 shares of the company’s stock worth $67,000 after purchasing an additional 33,196 shares during the last quarter. Institutional investors and hedge funds own 24.66% of the company’s stock.

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.