PDD (NASDAQ:PDD) Trading Up 7% – What’s Next?

Shares of PDD Holdings Inc. (NASDAQ:PDD) were up 7% during mid-day trading on Friday . The stock traded as high as $111.77 and last traded at $111.28. Approximately 9,544,151 shares changed hands during trading, an increase of 32% from the average daily volume of 7,228,588 shares. The stock had previously closed at $104.01.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PDD. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Jefferies Financial Group lowered their price target on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Benchmark cut their price objective on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Macquarie raised PDD from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $126.00 to $224.00 in a research report on Monday, October 7th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, PDD presently has a consensus rating of “Moderate Buy” and an average target price of $173.40.

PDD Trading Up 7.0 %

The company’s fifty day moving average is $101.58 and its two-hundred day moving average is $116.44. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The stock has a market cap of $153.19 billion, a price-to-earnings ratio of 10.87, a PEG ratio of 0.27 and a beta of 0.66.

Institutional Trading of PDD

Several institutional investors and hedge funds have recently made changes to their positions in PDD. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of PDD by 1,374.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock worth $1,772,106,000 after buying an additional 12,253,589 shares during the period. H&H International Investment LLC lifted its position in PDD by 3,693.8% during the 3rd quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock worth $526,784,000 after acquiring an additional 3,804,600 shares during the period. FMR LLC lifted its position in PDD by 8.6% during the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after acquiring an additional 1,654,764 shares during the period. Dragoneer Investment Group LLC increased its holdings in shares of PDD by 142.6% in the second quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company’s stock valued at $348,440,000 after purchasing an additional 1,540,346 shares during the period. Finally, Baillie Gifford & Co. raised its stake in shares of PDD by 2.8% during the third quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock worth $4,868,859,000 after purchasing an additional 988,042 shares during the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Company Profile

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.