Dada Nexus (NASDAQ:DADA) Shares Gap Down – Here’s What Happened

Dada Nexus Limited (NASDAQ:DADA)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $2.08, but opened at $1.91. Dada Nexus shares last traded at $1.98, with a volume of 1,246,450 shares traded.

Analyst Ratings Changes

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

Dada Nexus Stock Performance

The stock has a market capitalization of $542.30 million, a P/E ratio of -1.63 and a beta of 1.37. The stock has a 50-day moving average price of $1.37 and a two-hundred day moving average price of $1.60.

Dada Nexus (NASDAQ:DADA) last released its quarterly earnings results on Tuesday, August 20th. The company reported ($0.09) earnings per share for the quarter. The company had revenue of $324.54 million during the quarter. Dada Nexus had a negative net margin of 19.81% and a negative return on equity of 10.94%.

Hedge Funds Weigh In On Dada Nexus

Several hedge funds and other institutional investors have recently modified their holdings of DADA. Virtu Financial LLC purchased a new stake in Dada Nexus in the first quarter worth about $28,000. Natixis purchased a new position in shares of Dada Nexus in the 1st quarter valued at approximately $51,000. Headlands Technologies LLC boosted its position in shares of Dada Nexus by 615.5% during the first quarter. Headlands Technologies LLC now owns 40,643 shares of the company’s stock valued at $83,000 after purchasing an additional 34,963 shares in the last quarter. Fore Capital LLC purchased a new stake in Dada Nexus in the first quarter worth $92,000. Finally, EntryPoint Capital LLC raised its holdings in Dada Nexus by 69.6% in the first quarter. EntryPoint Capital LLC now owns 55,899 shares of the company’s stock worth $115,000 after purchasing an additional 22,936 shares in the last quarter. Hedge funds and other institutional investors own 59.25% of the company’s stock.

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 platforms for consumers, retailers, and brand owners.