Short Interest in Dada Nexus Limited (NASDAQ:DADA) Drops By 6.2%

Dada Nexus Limited (NASDAQ:DADA) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 3,640,000 shares, a drop of 6.2% from the August 15th total of 3,880,000 shares. Based on an average trading volume of 1,210,000 shares, the days-to-cover ratio is presently 3.0 days.

Dada Nexus Stock Down 4.7 %

NASDAQ DADA opened at $1.23 on Thursday. The business’s 50-day moving average price is $1.26 and its 200 day moving average price is $1.66. The firm has a market cap of $325.38 million, a P/E ratio of -0.96 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 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 large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Dada Nexus by 25.0% in the first quarter. Vanguard Group Inc. now owns 3,427,799 shares of the company’s stock valued at $7,027,000 after acquiring an additional 686,316 shares in the last quarter. Renaissance Technologies LLC boosted its holdings 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 purchasing an additional 380,100 shares in the last quarter. Marshall Wace LLP boosted its holdings in Dada Nexus by 7.5% in the 2nd quarter. Marshall Wace LLP now owns 619,716 shares of the company’s stock valued at $781,000 after purchasing an additional 43,359 shares in the last quarter. Canada Pension Plan Investment Board increased its position 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 purchasing an additional 413,600 shares during the period. Finally, Dimensional Fund Advisors LP purchased a new position in shares of Dada Nexus during the 2nd quarter worth approximately $230,000. Hedge funds and other institutional investors own 59.25% of the company’s stock.

Analysts Set New Price Targets

DADA has been the subject of several research analyst reports. Citigroup upgraded shares of Dada Nexus from a “sell” rating to a “neutral” rating and upped their price objective for the company from $1.00 to $1.50 in a research note on Wednesday, August 21st. Daiwa America raised Dada Nexus to a “hold” rating in a research report on Thursday, August 22nd. Finally, Daiwa Capital Markets started coverage on Dada Nexus in a research report on Thursday, August 22nd. They set a “neutral” rating on the stock. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $3.35.

Dada Nexus Company Profile

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.