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

Dingdong (Cayman) Limited (NYSE:DDL) shares saw an uptick in trading volume on Thursday . 292,954 shares traded hands during trading, a decline of 58% from the previous session’s volume of 698,256 shares.The stock last traded at $3.72 and had previously closed at $3.93.

Dingdong (Cayman) Stock Down 2.3 %

The stock has a market cap of $907.12 million, a price-to-earnings ratio of 42.67 and a beta of 0.37. The stock’s fifty day moving average is $3.99 and its 200-day moving average is $2.90.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. raised its position in Dingdong (Cayman) by 3,090.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 684,345 shares of the company’s stock worth $2,429,000 after acquiring an additional 662,894 shares in the last quarter. Renaissance Technologies LLC increased 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. GSA Capital Partners LLP grew its stake in shares of Dingdong (Cayman) by 81.0% in the third quarter. GSA Capital Partners LLP now owns 72,561 shares of the company’s stock valued at $258,000 after acquiring an additional 32,478 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Dingdong (Cayman) during the second quarter worth approximately $86,000. Finally, Centiva Capital LP bought a new stake in Dingdong (Cayman) during the third quarter worth about $170,000. Institutional investors and hedge funds own 24.66% of the company’s stock.

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.