Dingdong (Cayman) (NYSE:DDL) Shares Up 5.9% – Here’s Why

Shares of Dingdong (Cayman) Limited (NYSE:DDL) rose 5.9% during mid-day trading on Wednesday . The stock traded as high as $3.11 and last traded at $3.07. Approximately 308,523 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 560,396 shares. The stock had previously closed at $2.90.

Dingdong (Cayman) Price Performance

The stock’s 50 day moving average price is $2.63 and its two-hundred day moving average price is $2.06. The firm has a market capitalization of $732.31 million, a price-to-earnings ratio of -102.33 and a beta of 0.37.

Hedge Funds Weigh In On Dingdong (Cayman)

Institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC bought a new position in shares of Dingdong (Cayman) in the 2nd quarter valued at about $86,000. Virtu Financial LLC acquired a new position in Dingdong (Cayman) in the first quarter valued at approximately $54,000. Renaissance Technologies LLC grew its stake in shares of Dingdong (Cayman) by 63.4% during the second quarter. Renaissance Technologies LLC now owns 690,200 shares of the company’s stock worth $1,373,000 after purchasing an additional 267,700 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Dingdong (Cayman) by 0.4% during the first quarter. Vanguard Group Inc. now owns 4,849,609 shares of the company’s stock worth $5,917,000 after purchasing an additional 17,900 shares during the period. 24.66% of the stock is owned by institutional investors.

Dingdong (Cayman) Company Profile

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.