Dada Nexus Limited (NASDAQ:DADA) Short Interest Up 7.4% in March

Dada Nexus Limited (NASDAQ:DADA) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 4,210,000 shares, an increase of 7.4% from the March 15th total of 3,920,000 shares. Based on an average daily volume of 3,490,000 shares, the short-interest ratio is presently 1.2 days.

Hedge Funds Weigh In On Dada Nexus

Several institutional investors have recently added to or reduced their stakes in DADA. Baillie Gifford & Co. increased its position in Dada Nexus by 56.7% in the 4th quarter. Baillie Gifford & Co. now owns 7,123,218 shares of the company’s stock valued at $49,649,000 after acquiring an additional 2,577,245 shares during the period. Renaissance Technologies LLC acquired a new position in Dada Nexus in the 1st quarter valued at about $8,113,000. TT International Asset Management LTD increased its position in 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 valued at $11,180,000 after acquiring an additional 852,790 shares during the period. Kaizen Capital Partners Ltd increased its position in Dada Nexus by 6.9% in the 3rd quarter. Kaizen Capital Partners Ltd now owns 12,281,623 shares of the company’s stock valued at $54,653,000 after acquiring an additional 788,425 shares during the period. Finally, Federated Hermes Inc. increased its position in Dada Nexus by 135.5% in the 3rd quarter. Federated Hermes Inc. now owns 1,203,059 shares of the company’s stock valued at $5,354,000 after acquiring an additional 692,120 shares during the period. Institutional investors and hedge funds own 59.25% of the company’s stock.

Wall Street Analyst Weigh In

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

Dada Nexus Price Performance

Dada Nexus stock opened at $1.90 on Wednesday. Dada Nexus has a fifty-two week low of $1.36 and a fifty-two week high of $7.03. The stock has a 50-day simple moving average of $2.15 and a 200-day simple moving average of $2.84.

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.