Dada Nexus Limited (NASDAQ:DADA) fell 3.2% during trading on Thursday . The company traded as low as $11.63 and last traded at $11.93. 11,914 shares traded hands during trading, a decline of 99% from the average session volume of 1,381,450 shares. The stock had previously closed at $12.32.
A number of brokerages have recently commented on DADA. Morgan Stanley raised Dada Nexus from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $35.00 to $31.60 in a research report on Wednesday, September 22nd. Zacks Investment Research cut Dada Nexus from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Mizuho initiated coverage on Dada Nexus in a report on Thursday. They set a “buy” rating and a $25.00 price objective on the stock. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $35.10.
The business has a fifty day moving average of $16.81 and a 200-day moving average of $20.57.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. increased its stake in Dada Nexus by 129.7% in the 2nd quarter. Invesco Ltd. now owns 712,481 shares of the company’s stock worth $20,669,000 after acquiring an additional 402,313 shares during the last quarter. Bridgewater Associates LP bought a new position in shares of Dada Nexus during the 2nd quarter valued at about $2,988,000. Indus Capital Partners LLC increased its position in shares of Dada Nexus by 11.3% during the 2nd quarter. Indus Capital Partners LLC now owns 273,908 shares of the company’s stock valued at $7,946,000 after purchasing an additional 27,769 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Dada Nexus during the 2nd quarter valued at about $1,516,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Dada Nexus during the 2nd quarter valued at about $3,879,000. Institutional investors and hedge funds own 24.15% of the company’s stock.
Dada Nexus Company Profile (NASDAQ:DADA)
Dada Nexus Limited operates platform of local on-demand retail and delivery in China. It operates JDDJ, a local on-demand retail platform for consumers, retailers, and brand owners; and Dada Now, a local on-demand delivery platform for merchants and individual senders in various industries and product categories.
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