Dada Nexus (NASDAQ:DADA) Stock Price Down 2.9%

Dada Nexus Limited (NASDAQ:DADA)’s stock price fell 2.9% during mid-day trading on Thursday . The stock traded as low as $2.01 and last traded at $2.04. 1,059,633 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 3,578,896 shares. The stock had previously closed at $2.10.

Analyst Ratings Changes

Several brokerages recently issued reports on DADA. New Street Research reissued a “neutral” rating and issued a $2.00 price objective (down previously from $15.00) on shares of Dada Nexus in a research note on Wednesday, March 6th. Daiwa Capital Markets raised Dada Nexus from a “neutral” rating to a “buy” rating and set a $3.50 target price on the stock in a research report on Tuesday, February 20th. Citigroup cut Dada Nexus from a “buy” rating to a “sell” rating in a research report on Monday, January 8th. Finally, Mizuho dropped their target price on Dada Nexus from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, January 17th. 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $6.00.

Dada Nexus Price Performance

The stock has a 50 day moving average of $2.13 and a 200-day moving average of $3.08.

Hedge Funds Weigh In On Dada Nexus

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kaizen Capital Partners Ltd grew its position in Dada Nexus by 6.9% during the 3rd quarter. Kaizen Capital Partners Ltd now owns 12,281,623 shares of the company’s stock worth $54,653,000 after purchasing an additional 788,425 shares during the period. Baillie Gifford & Co. grew its position in Dada Nexus by 1.0% during the 3rd quarter. Baillie Gifford & Co. now owns 7,489,745 shares of the company’s stock worth $33,329,000 after purchasing an additional 75,734 shares during the period. TT International Asset Management LTD grew 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 worth $11,180,000 after purchasing an additional 852,790 shares during the period. Vanguard Group Inc. grew its position in Dada Nexus by 4.9% during the 4th quarter. Vanguard Group Inc. now owns 2,741,483 shares of the company’s stock worth $9,102,000 after purchasing an additional 129,070 shares during the period. Finally, BlackRock Inc. grew its position in Dada Nexus by 1.5% during the 1st quarter. BlackRock Inc. now owns 2,317,587 shares of the company’s stock worth $21,160,000 after purchasing an additional 33,925 shares during the period. 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 platform for consumers, retailers, and brand owner.