Connor Clark & Lunn Investment Management Ltd. Increases Stock Position in Dingdong (Cayman) Limited (NYSE:DDL)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Dingdong (Cayman) Limited (NYSE:DDL - Free Report) by 195.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,020,816 shares of the company's stock after buying an additional 1,336,471 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.86% of Dingdong (Cayman) worth $6,628,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Dingdong (Cayman) during the fourth quarter worth about $1,197,000. State Street Corp grew its holdings in shares of Dingdong (Cayman) by 32.7% during the third quarter. State Street Corp now owns 253,119 shares of the company's stock worth $899,000 after purchasing an additional 62,338 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Dingdong (Cayman) by 110.8% during the third 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 last quarter. Inspire Investing LLC purchased a new position in shares of Dingdong (Cayman) during the fourth quarter worth about $674,000. Finally, New York State Common Retirement Fund grew its holdings in shares of Dingdong (Cayman) by 36.8% during the fourth quarter. New York State Common Retirement Fund now owns 88,389 shares of the company's stock worth $290,000 after buying an additional 23,774 shares during the last quarter. Hedge funds and other institutional investors own 24.66% of the company's stock.

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Dingdong (Cayman) Trading Down 0.2 %

Shares of NYSE DDL traded down $0.01 during midday trading on Wednesday, reaching $3.07. 523,449 shares of the company were exchanged, compared to its average volume of 666,484. Dingdong has a 1 year low of $1.08 and a 1 year high of $4.79. The stock has a fifty day simple moving average of $3.33 and a 200 day simple moving average of $3.49. The stock has a market cap of $724.04 million, a P/E ratio of 34.06 and a beta of 0.44.

Dingdong (Cayman) (NYSE:DDL - Get Free Report) last released its quarterly earnings results on Thursday, March 6th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.02. Dingdong (Cayman) had a return on equity of 40.86% and a net margin of 0.90%. The firm had revenue of $808.99 million for the quarter, compared to analyst estimates of $798.85 million. As a group, analysts forecast that Dingdong will post 0.07 earnings per share for the current year.

Dingdong (Cayman) declared that its board has initiated a share buyback program on Thursday, March 6th that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

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.