Dada Nexus Limited (NASDAQ:DADA) Sees Large Decline in Short Interest

Dada Nexus Limited (NASDAQ:DADA) saw a large decrease in short interest in September. As of September 15th, there was short interest totalling 2,970,000 shares, a decrease of 18.4% from the August 31st total of 3,640,000 shares. Based on an average trading volume of 1,290,000 shares, the short-interest ratio is presently 2.3 days.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Citigroup raised shares of Dada Nexus from a “sell” rating to a “neutral” rating and raised their target price for the stock from $1.00 to $1.50 in a research note on Wednesday, August 21st. Daiwa America upgraded Dada Nexus to a “hold” rating in a research report on Thursday, August 22nd. Finally, Daiwa Capital Markets began coverage on Dada Nexus in a report on Thursday, August 22nd. They issued a “neutral” rating for the company. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Dada Nexus presently has an average rating of “Hold” and a consensus price target of $3.35.

Dada Nexus Stock Performance

Shares of NASDAQ DADA traded up $0.21 during mid-day trading on Friday, reaching $1.81. 6,751,886 shares of the company’s stock were exchanged, compared to its average volume of 2,207,243. The company’s 50-day moving average is $1.26 and its 200-day moving average is $1.62. The firm has a market capitalization of $470.24 million, a price-to-earnings ratio of -1.41 and a beta of 1.33. Dada Nexus has a 52-week low of $1.04 and a 52-week high of $4.98.

Dada Nexus (NASDAQ:DADA) last released its quarterly earnings results on Tuesday, August 20th. The company reported ($0.09) earnings per share (EPS) for the quarter. Dada Nexus had a negative net margin of 19.81% and a negative return on equity of 10.94%. The company had revenue of $324.54 million during the quarter.

Hedge Funds Weigh In On Dada Nexus

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Dada Nexus during the second quarter worth about $136,000. Marshall Wace LLP lifted its holdings in Dada Nexus by 7.5% during the 2nd quarter. Marshall Wace LLP now owns 619,716 shares of the company’s stock worth $781,000 after buying an additional 43,359 shares in the last quarter. Canada Pension Plan Investment Board lifted 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 buying an additional 413,600 shares in the last quarter. Renaissance Technologies LLC boosted its position in Dada Nexus by 28.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,721,900 shares of the company’s stock valued at $2,170,000 after buying an additional 380,100 shares during the period. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Dada Nexus in the second quarter worth $230,000. 59.25% of the stock is currently owned by hedge funds and other institutional investors.

About Dada Nexus

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.