Dada Nexus (NASDAQ:DADA) Shares Gap Down to $2.06

Dada Nexus Limited (NASDAQ:DADA) shares gapped down before the market opened on Friday . The stock had previously closed at $2.06, but opened at $2.00. Dada Nexus shares last traded at $2.00, with a volume of 266,946 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Mizuho lowered their price target on shares of Dada Nexus from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, January 17th. New Street Research reaffirmed a “neutral” rating and issued a $2.00 price target (down previously from $15.00) on shares of Dada Nexus in a report on Wednesday, March 6th. Daiwa Capital Markets raised Dada Nexus from a “neutral” rating to a “buy” rating and set a $3.50 price objective for the company in a research note on Tuesday, February 20th. Finally, Citigroup lowered Dada Nexus from a “buy” rating to a “sell” rating in a research note on Monday, January 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $6.00.

Dada Nexus Trading Down 7.3 %

The company has a market cap of $500.44 million, a P/E ratio of -1.46 and a beta of 1.50. The company’s fifty day moving average is $2.15 and its 200 day moving average is $2.88.

Hedge Funds Weigh In On Dada Nexus

Several hedge funds and other institutional investors have recently modified their holdings of DADA. Kaizen Capital Partners Ltd grew its stake in shares of Dada Nexus by 6.9% in the third quarter. Kaizen Capital Partners Ltd now owns 12,281,623 shares of the company’s stock worth $54,653,000 after purchasing an additional 788,425 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in Dada Nexus by 1.0% in the 3rd quarter. Baillie Gifford & Co. now owns 7,489,745 shares of the company’s stock worth $33,329,000 after buying an additional 75,734 shares during the period. TT International Asset Management LTD grew its position in shares of Dada Nexus by 33.9% in the 4th quarter. TT International Asset Management LTD now owns 3,367,558 shares of the company’s stock worth $11,180,000 after buying an additional 852,790 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Dada Nexus by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 2,741,483 shares of the company’s stock valued at $9,102,000 after buying an additional 129,070 shares during the period. Finally, BlackRock Inc. raised its holdings in shares of Dada Nexus by 1.5% during the first quarter. BlackRock Inc. now owns 2,317,587 shares of the company’s stock valued at $21,160,000 after acquiring an additional 33,925 shares in the last quarter. 59.25% of the stock is owned by 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 platform for consumers, retailers, and brand owner.