PDD (NASDAQ:PDD) Trading 6.6% Higher – Here’s What Happened

PDD Holdings Inc. (NASDAQ:PDD)’s stock price traded up 6.6% during mid-day trading on Friday . The company traded as high as $131.49 and last traded at $132.65. 3,594,700 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 8,270,719 shares. The stock had previously closed at $124.41.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Jefferies Financial Group dropped their target price on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Finally, Benchmark dropped their target price on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, PDD presently has a consensus rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Trading Up 5.6 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company has a 50 day simple moving average of $107.12 and a two-hundred day simple moving average of $114.08. The firm has a market cap of $180.71 billion, a PE ratio of 12.83, a P/E/G ratio of 0.32 and a beta of 0.67.

Institutional Trading of PDD

Several large investors have recently added to or reduced their stakes in PDD. Mackenzie Financial Corp lifted its holdings in shares of PDD by 20.0% in the 4th quarter. Mackenzie Financial Corp now owns 244,609 shares of the company’s stock valued at $23,725,000 after buying an additional 40,732 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of PDD in the 4th quarter valued at about $128,493,000. Vise Technologies Inc. lifted its holdings in shares of PDD by 304.4% in the 4th quarter. Vise Technologies Inc. now owns 9,280 shares of the company’s stock valued at $900,000 after buying an additional 6,985 shares during the period. Sylebra Capital LLC lifted its holdings in shares of PDD by 33.4% in the 4th quarter. Sylebra Capital LLC now owns 656,751 shares of the company’s stock valued at $63,698,000 after buying an additional 164,585 shares during the period. Finally, Two Sigma Advisers LP lifted its holdings in shares of PDD by 550.5% in the 4th quarter. Two Sigma Advisers LP now owns 61,800 shares of the company’s stock valued at $5,994,000 after buying an additional 52,300 shares during the period. Hedge funds and other institutional investors own 39.83% of the company’s stock.

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.