Traders Buy High Volume of PDD Put Options (NASDAQ:PDD)

PDD Holdings Inc. (NASDAQ:PDD) saw some unusual options trading activity on Wednesday. Traders purchased 121,801 put options on the stock. This is an increase of approximately 38% compared to the typical daily volume of 88,242 put options.

PDD Price Performance

Shares of PDD stock traded up $0.91 during trading on Wednesday, hitting $94.89. 28,086,805 shares of the stock traded hands, compared to its average volume of 11,006,578. The firm’s fifty day moving average is $118.20 and its 200-day moving average is $114.92. The stock has a market cap of $130.56 billion, a price-to-earnings ratio of 9.26, a PEG ratio of 0.32 and a beta of 0.73. PDD has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Lord Abbett & CO. LLC grew its holdings in shares of PDD by 63.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock valued at $5,155,000 after purchasing an additional 14,905 shares during the last quarter. Headwater Capital Co Ltd purchased a new position in shares of PDD in the fourth quarter worth about $9,699,000. Baillie Gifford & Co. lifted its stake in shares of PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after acquiring an additional 1,942,891 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in PDD during the 4th quarter valued at about $4,685,000. Finally, Alberta Investment Management Corp grew its position in PDD by 12.6% during the 4th quarter. Alberta Investment Management Corp now owns 190,060 shares of the company’s stock worth $18,434,000 after acquiring an additional 21,302 shares during the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on PDD shares. Nomura Securities downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. JPMorgan Chase & Co. boosted their price objective on PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Benchmark restated a “buy” rating and issued a $160.00 target price on shares of PDD in a research note on Friday, March 21st. Jefferies Financial Group decreased their price target on PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. Finally, Nomura restated a “neutral” rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Five 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $169.91.

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.