Dada Nexus Limited (NASDAQ:DADA) Short Interest Down 12.1% in November

Dada Nexus Limited (NASDAQ:DADA - Get Free Report) was the recipient of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 1,880,000 shares, a drop of 12.1% from the November 15th total of 2,140,000 shares. Based on an average daily volume of 1,970,000 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Investors Weigh In On Dada Nexus

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Dada Nexus by 25.0% during the first quarter. Vanguard Group Inc. now owns 3,427,799 shares of the company's stock worth $7,027,000 after acquiring an additional 686,316 shares during the period. Canada Pension Plan Investment Board increased its holdings in Dada Nexus by 202.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 618,010 shares of the company's stock worth $779,000 after purchasing an additional 413,600 shares during the period. Renaissance Technologies LLC grew its position in shares of Dada Nexus by 28.3% during the second quarter. Renaissance Technologies LLC now owns 1,721,900 shares of the company's stock worth $2,170,000 after buying an additional 380,100 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Dada Nexus during the second quarter worth approximately $230,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Dada Nexus during the second quarter worth approximately $136,000. Hedge funds and other institutional investors own 59.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Daiwa America upgraded shares of Dada Nexus to a "hold" rating in a research report on Thursday, August 22nd. Daiwa Capital Markets began coverage on Dada Nexus in a report on Thursday, August 22nd. They issued a "neutral" rating on the stock. Mizuho cut their target price on Dada Nexus from $4.50 to $4.00 and set an "outperform" rating for the company in a research note on Tuesday, November 12th. Finally, Citigroup lowered their price target on Dada Nexus from $2.00 to $1.90 and set a "neutral" rating for the company in a report on Friday, November 15th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $2.70.

Dada Nexus Stock Down 2.7 %

NASDAQ DADA traded down $0.04 on Friday, reaching $1.43. The stock had a trading volume of 867,684 shares, compared to its average volume of 2,134,601. The stock has a fifty day moving average price of $1.60 and a two-hundred day moving average price of $1.47. Dada Nexus has a 12-month low of $1.04 and a 12-month high of $3.67. The firm has a market capitalization of $371.52 million, a price-to-earnings ratio of -1.29 and a beta of 1.32.

Dada Nexus Company Profile

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.

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