Dada Nexus Limited (NASDAQ:DADA) Sees Significant Decrease in Short Interest

Dada Nexus Limited (NASDAQ:DADA) saw a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 2,960,000 shares, a drop of 6.3% from the July 15th total of 3,160,000 shares. Based on an average daily volume of 1,480,000 shares, the days-to-cover ratio is currently 2.0 days.

Institutional Investors Weigh In On Dada Nexus

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Dada Nexus by 25.0% in the first quarter. Vanguard Group Inc. now owns 3,427,799 shares of the company’s stock worth $7,027,000 after purchasing an additional 686,316 shares during the period. Headlands Technologies LLC increased its position in Dada Nexus by 615.5% during the 1st quarter. Headlands Technologies LLC now owns 40,643 shares of the company’s stock valued at $83,000 after buying an additional 34,963 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Dada Nexus during the first quarter valued at about $28,000. Natixis acquired a new position in shares of Dada Nexus in the 1st quarter valued at $51,000. Finally, ABS Direct Equity Fund LLC acquired a new stake in shares of Dada Nexus during the fourth quarter worth about $667,000. 59.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on DADA shares. Daiwa Capital Markets downgraded shares of Dada Nexus from a “buy” rating to a “neutral” rating in a research note on Thursday, May 16th. The Goldman Sachs Group assumed coverage on Dada Nexus in a report on Thursday, April 25th. They set a “neutral” rating and a $2.10 price target on the stock. Mizuho dropped their price target on Dada Nexus from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, May 21st. Finally, Daiwa America cut shares of Dada Nexus from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.66.

Dada Nexus Price Performance

NASDAQ:DADA opened at $1.40 on Monday. The stock’s 50 day simple moving average is $1.39 and its two-hundred day simple moving average is $1.80. The company has a market cap of $370.35 million, a price-to-earnings ratio of -1.09 and a beta of 1.34. Dada Nexus has a 1 year low of $1.21 and a 1 year high of $5.82.

About Dada Nexus

Dada Nexus Limited operates a platform of local on-demand retail and delivery in the People’s Republic of China. It operates Dada Now, a local on-demand delivery platform that provides intra-city delivery and last-mile delivery services on an on-demand basis to chain merchants, small- and medium-sized enterprise merchants, and individual senders; and JDDJ, a local on-demand retail platforms for consumers, retailers, and brand owners.