Dingdong (Cayman) (NYSE:DDL) Shares Down 5.4% - Here's Why

Dingdong (Cayman) Limited (NYSE:DDL - Get Free Report)'s share price fell 5.4% during trading on Thursday . The stock traded as low as $2.89 and last traded at $2.90. 423,693 shares changed hands during trading, a decline of 44% from the average session volume of 762,680 shares. The stock had previously closed at $3.06.

Dingdong (Cayman) Price Performance

The business's 50-day moving average price is $3.31 and its two-hundred day moving average price is $3.51. The firm has a market cap of $688.60 million, a price-to-earnings ratio of 32.39 and a beta of 0.44.

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

Dingdong (Cayman) declared that its Board of Directors has approved a stock repurchase program on Thursday, March 6th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the company to buy up to 2.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its shares are undervalued.

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Institutional Investors Weigh In On Dingdong (Cayman)

Several institutional investors and hedge funds have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Dingdong (Cayman) by 3,090.3% during the third 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% in the third quarter. Jane Street Group LLC now owns 248,189 shares of the company's stock worth $881,000 after acquiring an additional 130,470 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Dingdong (Cayman) in the fourth quarter valued at approximately $1,197,000. Inspire Investing LLC bought a new position in shares of Dingdong (Cayman) during the fourth quarter valued at approximately $674,000. Finally, New York State Common Retirement Fund raised its position in shares of Dingdong (Cayman) by 36.8% during the 4th quarter. New York State Common Retirement Fund now owns 88,389 shares of the company's stock worth $290,000 after purchasing an additional 23,774 shares during the period. 24.66% of the stock is owned by institutional investors and hedge funds.

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.