PDD (NASDAQ:PDD) Sees Strong Trading Volume – Here’s Why

Shares of PDD Holdings Inc. (NASDAQ:PDD) saw strong trading volume on Thursday . 8,308,639 shares traded hands during trading, a decline of 21% from the previous session’s volume of 10,513,959 shares.The stock last traded at $128.66 and had previously closed at $125.92.

Analyst Ratings Changes

Several research analysts have commented on PDD shares. Jefferies Financial Group cut their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a research 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, Benchmark cut their price objective on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $173.40.

PDD Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The company has a 50 day simple moving average of $114.50 and a 200-day simple moving average of $112.79. The firm has a market cap of $176.63 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69.

Institutional Investors Weigh In On PDD

A number of institutional investors have recently made changes to their positions in the business. Prospera Private Wealth LLC purchased a new stake in PDD during the third quarter valued at about $27,000. Nisa Investment Advisors LLC bought a new stake in PDD in the 4th quarter worth $39,000. Brooklyn Investment Group raised its stake in shares of PDD by 340.3% during the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after acquiring an additional 405 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of PDD by 939.6% during the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after purchasing an additional 498 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after purchasing an additional 132 shares during the period. 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.