Dingdong (Cayman) (NYSE:DDL) Trading Up 6.1% - Still a Buy?

Dingdong (Cayman) Limited (NYSE:DDL - Get Free Report)'s stock price rose 6.1% on Wednesday . The stock traded as high as $2.16 and last traded at $2.17. Approximately 378,647 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 858,483 shares. The stock had previously closed at $2.04.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Dingdong (Cayman) from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th.

Dingdong (Cayman) Stock Performance

The company's 50-day moving average price is $2.27 and its 200-day moving average price is $3.04. The firm has a market capitalization of $497.26 million, a PE ratio of 23.39 and a beta of 0.47.

Dingdong (Cayman) announced that its Board of Directors has initiated a share buyback program on Thursday, March 6th that allows the company to buyback $20.00 million in shares. This buyback authorization allows the company to purchase up to 2.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Dingdong (Cayman) by 30.7% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,641,834 shares of the company's stock worth $7,133,000 after purchasing an additional 621,018 shares during the last quarter. GSA Capital Partners LLP lifted its position in shares of Dingdong (Cayman) by 77.6% during the 1st quarter. GSA Capital Partners LLP now owns 258,305 shares of the company's stock worth $697,000 after buying an additional 112,901 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Dingdong (Cayman) in the 1st quarter valued at $81,000. Allspring Global Investments Holdings LLC grew its position in shares of Dingdong (Cayman) by 732.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,040,244 shares of the company's stock valued at $8,209,000 after buying an additional 2,675,244 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in shares of Dingdong (Cayman) by 78.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 122,661 shares of the company's stock valued at $402,000 after buying an additional 53,885 shares during the last quarter. 24.66% of the stock is owned by institutional investors and hedge funds.

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.