Dada Nexus (NASDAQ:DADA) Trading Up 9%

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Dada Nexus Limited (NASDAQ:DADAGet Rating) shares were up 9% on Wednesday . The company traded as high as $7.65 and last traded at $7.62. Approximately 14,262 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 1,584,584 shares. The stock had previously closed at $6.99.

A number of equities research analysts recently weighed in on DADA shares. JPMorgan Chase & Co. raised shares of Dada Nexus from a “neutral” rating to an “overweight” rating and raised their target price for the company from $7.50 to $10.00 in a research note on Monday, May 16th. Bank of America decreased their price target on shares of Dada Nexus from $35.40 to $28.70 and set a “buy” rating on the stock in a research note on Wednesday, March 9th. Mizuho decreased their price target on shares of Dada Nexus from $18.00 to $16.50 in a research note on Tuesday, May 17th. Finally, Credit Suisse Group raised shares of Dada Nexus from a “neutral” rating to an “outperform” rating and decreased their price target for the stock from $25.00 to $17.50 in a research note on Wednesday, March 9th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $24.05.

The firm’s 50 day moving average is $7.47 and its 200 day moving average is $9.93. The company has a market capitalization of $1.99 billion, a PE ratio of -4.84 and a beta of 1.53.

Several hedge funds and other institutional investors have recently modified their holdings of DADA. Principal Financial Group Inc. purchased a new position in shares of Dada Nexus in the first quarter worth $16,704,000. Hel Ved Capital Management Ltd purchased a new position in shares of Dada Nexus in the fourth quarter worth $18,458,000. Renaissance Technologies LLC purchased a new position in shares of Dada Nexus in the first quarter worth $8,113,000. The Manufacturers Life Insurance Company increased its stake in shares of Dada Nexus by 6,289.9% in the first quarter. The Manufacturers Life Insurance Company now owns 664,546 shares of the company’s stock worth $6,362,000 after buying an additional 654,146 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Dada Nexus by 6.2% in the first quarter. JPMorgan Chase & Co. now owns 10,852,134 shares of the company’s stock valued at $99,081,000 after acquiring an additional 635,953 shares in the last quarter. 24.15% of the stock is currently owned by institutional investors.

About Dada Nexus (NASDAQ:DADA)

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.

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