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

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Mizuho decreased their price objective on shares of Dada Nexus from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, January 17th. New Street Research reiterated a “neutral” rating and set a $2.00 target price (down from $15.00) on shares of Dada Nexus in a research report on Wednesday, March 6th. Daiwa Capital Markets upgraded shares of Dada Nexus from a “neutral” rating to a “buy” rating and set a $3.50 price objective on the stock in a report on Tuesday, February 20th. Finally, Citigroup lowered shares of Dada Nexus from a “buy” rating to a “sell” rating in a report on Monday, January 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $6.00.

Dada Nexus Stock Down 2.4 %

The company has a fifty day moving average price of $2.13 and a two-hundred day moving average price of $3.08.

Institutional Investors Weigh In On Dada Nexus

Institutional investors and hedge funds have recently made changes to their positions in the stock. E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Dada Nexus by 133.6% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 33,968 shares of the company’s stock worth $294,000 after purchasing an additional 19,427 shares during the last quarter. HighTower Advisors LLC bought a new stake in Dada Nexus in the 1st quarter valued at $97,000. Panagora Asset Management Inc. lifted its holdings in Dada Nexus by 16.3% during the 1st quarter. Panagora Asset Management Inc. now owns 29,870 shares of the company’s stock valued at $273,000 after purchasing an additional 4,189 shares during the last quarter. BlackRock Inc. boosted its position in Dada Nexus by 1.5% during the first 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. Finally, Vontobel Holding Ltd. increased its holdings in shares of Dada Nexus by 15.2% in the first quarter. Vontobel Holding Ltd. now owns 20,565 shares of the company’s stock valued at $188,000 after purchasing an additional 2,710 shares during the last quarter. 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.