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

Dada Nexus Limited (NASDAQ:DADA) saw a large 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 trading volume of 3,490,000 shares, the days-to-cover ratio is presently 1.2 days.

Dada Nexus Stock Performance

Shares of NASDAQ DADA opened at $1.90 on Wednesday. Dada Nexus has a 1-year low of $1.36 and a 1-year high of $7.03. The business has a fifty day moving average price of $2.15 and a 200 day moving average price of $2.84.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DADA. Baillie Gifford & Co. increased its position in Dada Nexus by 56.7% during the 4th quarter. Baillie Gifford & Co. now owns 7,123,218 shares of the company’s stock valued at $49,649,000 after buying an additional 2,577,245 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Dada Nexus during the 1st quarter valued at about $8,113,000. TT International Asset Management LTD increased its position in Dada Nexus by 33.9% during 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 buying an additional 852,790 shares in the last quarter. Kaizen Capital Partners Ltd increased its holdings in shares of Dada Nexus by 6.9% in the third quarter. Kaizen Capital Partners Ltd now owns 12,281,623 shares of the company’s stock valued at $54,653,000 after purchasing an additional 788,425 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of Dada Nexus by 135.5% in the third quarter. Federated Hermes Inc. now owns 1,203,059 shares of the company’s stock valued at $5,354,000 after purchasing an additional 692,120 shares during the period. 59.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.