Dingdong (Cayman) (NYSE:DDL) Shares Gap Up – Here’s What Happened

Shares of Dingdong (Cayman) Limited (NYSE:DDL) gapped up before the market opened on Wednesday . The stock had previously closed at $3.92, but opened at $4.08. Dingdong (Cayman) shares last traded at $4.09, with a volume of 87,699 shares.

Dingdong (Cayman) Price Performance

The business has a 50 day simple moving average of $3.62 and a 200-day simple moving average of $2.59. The stock has a market capitalization of $949.64 million, a price-to-earnings ratio of 44.67 and a beta of 0.34.

Hedge Funds Weigh In On Dingdong (Cayman)

Several institutional investors and hedge funds have recently modified their holdings of DDL. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Dingdong (Cayman) by 3,090.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 684,345 shares of the company’s stock valued at $2,429,000 after buying an additional 662,894 shares in the last quarter. Renaissance Technologies LLC lifted its position in Dingdong (Cayman) by 63.4% in the 2nd 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 in the last quarter. Jane Street Group LLC boosted its stake in Dingdong (Cayman) by 110.8% in the 3rd quarter. Jane Street Group LLC now owns 248,189 shares of the company’s stock worth $881,000 after purchasing an additional 130,470 shares during the period. Public Employees Retirement System of Ohio bought a new position in Dingdong (Cayman) during the 3rd quarter worth about $244,000. Finally, XTX Topco Ltd acquired a new stake in shares of Dingdong (Cayman) in the 3rd quarter valued at about $225,000. 24.66% of the stock is currently owned by institutional investors and hedge funds.

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.