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

Dada Nexus Limited (NASDAQ:DADA) saw a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 1,880,000 shares, a decline of 12.1% from the November 15th total of 2,140,000 shares. Based on an average daily trading volume, of 1,970,000 shares, the days-to-cover ratio is presently 1.0 days.

Wall Street Analyst Weigh In

DADA has been the subject of several analyst reports. Daiwa Capital Markets began coverage on Dada Nexus in a research note on Thursday, August 22nd. They issued a “neutral” rating for the company. Mizuho dropped their price objective on Dada Nexus from $4.50 to $4.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. Citigroup reduced their price objective on Dada Nexus from $2.00 to $1.90 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Daiwa America upgraded Dada Nexus to a “hold” rating in a report on Thursday, August 22nd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.70.

Dada Nexus Price Performance

NASDAQ:DADA traded up $0.05 during trading hours on Tuesday, hitting $1.46. 479,721 shares of the company were exchanged, compared to its average volume of 2,123,303. The company’s 50 day moving average price is $1.58 and its 200-day moving average price is $1.46. The stock has a market capitalization of $378.02 million, a price-to-earnings ratio of -1.27 and a beta of 1.32. Dada Nexus has a 52-week low of $1.04 and a 52-week high of $3.67.

Hedge Funds Weigh In On Dada Nexus

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Dada Nexus in the third quarter worth about $26,000. Wolverine Trading LLC acquired a new stake in shares of Dada Nexus during the 3rd quarter worth approximately $42,000. Quadrature Capital Ltd purchased a new position in shares of Dada Nexus during the 3rd quarter valued at approximately $67,000. Headlands Technologies LLC lifted its stake in shares of Dada Nexus by 111.2% in the 2nd quarter. Headlands Technologies LLC now owns 85,835 shares of the company’s stock valued at $108,000 after purchasing an additional 45,192 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Dada Nexus during the third quarter worth $126,000. Hedge funds and other institutional investors own 59.25% of the company’s stock.

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.