Investors Buy High Volume of Dingdong (Cayman) Put Options (NYSE:DDL)

Dingdong (Cayman) Limited Sponsored ADR (NYSE:DDL) was the target of some unusual options trading on Tuesday. Investors acquired 2,369 put options on the stock. This represents an increase of approximately 300% compared to the average daily volume of 592 put options.

Wall Street Analysts Forecast Growth

DDL has been the topic of several research reports. Wall Street Zen cut shares of Dingdong (Cayman) from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Zacks Research cut shares of Dingdong (Cayman) from a “hold” rating to a “strong sell” rating in a research note on Monday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Dingdong (Cayman) in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce”.

Dingdong (Cayman) Stock Performance

Shares of NYSE:DDL opened at $2.79 on Thursday. The firm has a 50 day simple moving average of $2.32 and a 200 day simple moving average of $2.16. Dingdong has a 52 week low of $1.65 and a 52 week high of $3.85. The company has a market cap of $659.08 million, a PE ratio of 16.41 and a beta of 0.42.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DDL. Connor Clark & Lunn Investment Management Ltd. grew its stake in Dingdong (Cayman) by 20.1% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,173,186 shares of the company’s stock valued at $6,410,000 after acquiring an additional 531,352 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Dingdong (Cayman) by 36.0% during the second quarter. Public Employees Retirement System of Ohio now owns 206,206 shares of the company’s stock worth $417,000 after purchasing an additional 54,563 shares during the period. QRG Capital Management Inc. acquired a new stake in shares of Dingdong (Cayman) during the second quarter worth approximately $32,000. Y Intercept Hong Kong Ltd purchased a new position in Dingdong (Cayman) during the second quarter valued at approximately $54,000. Finally, Caxton Associates LLP acquired a new position in Dingdong (Cayman) in the 2nd quarter valued at approximately $147,000. Hedge funds and other institutional investors own 24.66% of the company’s stock.

Dingdong (Cayman) Company Profile

Dingdong (Cayman) Inc, which operates under the Dingdong Fresh brand, is a China-based online grocery and fresh food delivery platform. The company leverages a network of urban micro-fulfillment centers to offer consumers a wide selection of produce, meats, seafood, dairy, packaged goods and everyday household items through its mobile application and website.

Orders placed via the Dingdong Fresh app are fulfilled from strategically located dark stores within target neighborhoods, enabling the company to promise delivery times as fast as 20–30 minutes.