PDD (NASDAQ:PDD) Trading Up 8.4% – Here’s What Happened

PDD Holdings Inc. (NASDAQ:PDD) shares shot up 8.4% on Tuesday . The company traded as high as $113.19 and last traded at $114.06. 3,651,637 shares changed hands during trading, a decline of 52% from the average session volume of 7,607,307 shares. The stock had previously closed at $105.24.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PDD shares. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Jefferies Financial Group dropped their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Benchmark reduced 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. Finally, JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $173.40.

PDD Stock Up 2.3 %

The business has a 50 day moving average of $102.27 and a two-hundred day moving average of $114.74. The stock has a market capitalization of $155.09 billion, a PE ratio of 11.01, a PEG ratio of 0.29 and a beta of 0.66. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

Institutional Investors Weigh In On PDD

A number of hedge funds and other institutional investors have recently bought and sold shares of PDD. Prospera Private Wealth LLC purchased a new position in PDD in the third quarter worth $27,000. Venturi Wealth Management LLC purchased a new stake in shares of PDD during the 3rd quarter valued at $29,000. Future Financial Wealth Managment LLC acquired a new stake in shares of PDD in the 3rd quarter worth $34,000. Nisa Investment Advisors LLC purchased a new position in PDD during the 4th quarter worth $39,000. Finally, Brooklyn Investment Group increased its position in PDD by 340.3% during the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after buying an additional 405 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

About PDD

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.