Dingdong (Cayman) (NYSE:DDL) Shares Gap Down - Here's What Happened

Dingdong (Cayman) Limited (NYSE:DDL - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $3.56, but opened at $3.40. Dingdong (Cayman) shares last traded at $3.50, with a volume of 123,605 shares trading hands.

Dingdong (Cayman) Stock Up 2.1 %

The stock has a market cap of $738.21 million, a P/E ratio of 34.72 and a beta of 0.44. The company's 50 day moving average price is $3.36 and its two-hundred day moving average price is $3.46.

Dingdong (Cayman) (NYSE:DDL - Get Free Report) last issued its earnings results on Thursday, March 6th. The company reported $0.06 earnings per share for the quarter, beating 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 business had revenue of $808.99 million during the quarter, compared to analyst estimates of $798.85 million. As a group, equities research analysts forecast that Dingdong will post 0.07 earnings per share for the current year.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Dingdong (Cayman) by 3,090.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 684,345 shares of the company's stock worth $2,429,000 after purchasing an additional 662,894 shares during the period. Jane Street Group LLC lifted its holdings in 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 buying an additional 130,470 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Dingdong (Cayman) during the fourth quarter worth $1,197,000. Inspire Investing LLC bought a new stake in Dingdong (Cayman) during the 4th quarter valued at $674,000. Finally, New York State Common Retirement Fund increased its holdings in shares of Dingdong (Cayman) by 36.8% in the 4th quarter. New York State Common Retirement Fund now owns 88,389 shares of the company's stock valued at $290,000 after acquiring an additional 23,774 shares during the period. Hedge funds and other institutional investors own 24.66% of the company's stock.

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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.