Millennium Management LLC Buys 171,832 Shares of Dingdong (Cayman) Limited (NYSE:DDL)

Millennium Management LLC increased its stake in Dingdong (Cayman) Limited (NYSE:DDL) by 26.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 813,024 shares of the company’s stock after acquiring an additional 171,832 shares during the quarter. Millennium Management LLC owned 0.34% of Dingdong (Cayman) worth $2,667,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of DDL. Bank of Nova Scotia bought a new stake in Dingdong (Cayman) during the 4th quarter valued at $33,000. Susquehanna Fundamental Investments LLC bought a new stake in Dingdong (Cayman) during the 4th quarter valued at $35,000. Diametric Capital LP bought a new stake in Dingdong (Cayman) during the 4th quarter valued at $63,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Dingdong (Cayman) during the 4th quarter valued at $105,000. Finally, B. Metzler seel. Sohn & Co. AG bought a new stake in Dingdong (Cayman) during the 4th quarter valued at $157,000. Institutional investors own 24.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of Dingdong (Cayman) from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 24th.

Dingdong (Cayman) Stock Performance

DDL opened at $2.06 on Friday. The firm has a market cap of $485.45 million, a P/E ratio of 22.83 and a beta of 0.56. The firm has a 50-day moving average of $2.36 and a 200 day moving average of $3.16. Dingdong has a fifty-two week low of $1.62 and a fifty-two week high of $4.79.

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

Dingdong (Cayman) announced that its board has approved a stock buyback plan on Thursday, March 6th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

About Dingdong (Cayman)

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.