PDD (NASDAQ:PDD) Trading Down 3.1% – What’s Next?

by · The Cerbat Gem

PDD Holdings Inc. (NASDAQ:PDD – Get Free Report) fell 3.1% on Wednesday . The company traded as low as $118.02 and last traded at $118.36. 1,993,260 shares were traded during trading, a decline of 77% from the average session volume of 8,849,255 shares. The stock had previously closed at $122.19.

Analyst Ratings Changes

PDD has been the subject of a number of recent analyst reports. Jefferies Financial Group decreased their target price on shares of PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Citigroup reiterated a “neutral” rating on shares of PDD in a report on Thursday, March 20th. Nomura reiterated a “neutral” rating and set a $130.00 price objective (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. Benchmark reaffirmed a “buy” rating and set a $160.00 price target on shares of PDD in a research note on Friday, March 21st. Finally, JPMorgan Chase & Co. boosted their price objective on PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PDD presently has a consensus rating of “Moderate Buy” and a consensus price target of $169.91.

Read Our Latest Stock Analysis on PDD

PDD Stock Down 4.5 %

The business’s 50 day simple moving average is $119.28 and its 200 day simple moving average is $114.83. The company has a market capitalization of $156.40 billion, a PE ratio of 11.10, a price-to-earnings-growth ratio of 0.32 and a beta of 0.73. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On PDD

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Townsquare Capital LLC grew its holdings in shares of PDD by 51.7% during the third quarter. Townsquare Capital LLC now owns 3,810 shares of the company’s stock valued at $514,000 after buying an additional 1,298 shares in the last quarter. HighTower Advisors LLC grew its stake in PDD by 100.5% during the 3rd quarter. HighTower Advisors LLC now owns 4,129 shares of the company’s stock valued at $559,000 after acquiring an additional 800,614 shares in the last quarter. NFJ Investment Group LLC increased its holdings in shares of PDD by 18.6% in the 3rd quarter. NFJ Investment Group LLC now owns 12,302 shares of the company’s stock valued at $1,658,000 after purchasing an additional 1,933 shares during the period. Quantinno Capital Management LP lifted its position in shares of PDD by 381.3% in the third quarter. Quantinno Capital Management LP now owns 30,411 shares of the company’s stock worth $4,100,000 after purchasing an additional 24,092 shares in the last quarter. Finally, Stifel Financial Corp boosted its holdings in shares of PDD by 172.8% during the third quarter. Stifel Financial Corp now owns 6,400 shares of the company’s stock worth $863,000 after purchasing an additional 4,054 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

About PDD

(Get Free Report)

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.

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