Dingdong (Cayman) (NYSE:DDL) Stock Price Up 8% – Time to Buy?

Dingdong (Cayman) Limited (NYSE:DDL)’s stock price rose 8% during trading on Friday . The stock traded as high as $3.51 and last traded at $3.50. Approximately 427,068 shares traded hands during trading, a decline of 42% from the average daily volume of 732,391 shares. The stock had previously closed at $3.24.

Dingdong (Cayman) Price Performance

The firm has a market capitalization of $833.88 million, a P/E ratio of 39.22 and a beta of 0.37. The stock’s 50 day moving average is $4.02 and its two-hundred day moving average is $2.96.

Hedge Funds Weigh In On Dingdong (Cayman)

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new position in shares of Dingdong (Cayman) in the 2nd quarter valued at $86,000. Renaissance Technologies LLC grew its stake in Dingdong (Cayman) by 63.4% in the second quarter. Renaissance Technologies LLC now owns 690,200 shares of the company’s stock valued at $1,373,000 after acquiring an additional 267,700 shares during the period. GSA Capital Partners LLP increased its holdings 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 worth $258,000 after acquiring an additional 32,478 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of 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 purchasing an additional 662,894 shares during the period. Finally, Centiva Capital LP bought a new position in shares of Dingdong (Cayman) during the 3rd quarter valued at about $170,000. Institutional investors 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.