PDD (NASDAQ:PDD) Shares Up 6.6% – What’s Next?

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

Analyst Ratings Changes

PDD has been the topic of a number of recent analyst reports. Benchmark cut their target price on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Jefferies Financial Group dropped their target price on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Finally, Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, PDD has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Stock Up 4.8 %

The stock’s 50-day moving average is $106.54 and its 200-day moving average is $114.17. The stock has a market cap of $179.46 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 0.32 and a beta of 0.67. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

Institutional Investors Weigh In On PDD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gordian Capital Singapore Pte Ltd raised its holdings in PDD by 1,218.9% during the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock worth $942,000 after buying an additional 6,460 shares during the period. Lord Abbett & CO. LLC increased its stake in PDD by 63.9% in the 3rd quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock valued at $5,155,000 after buying an additional 14,905 shares during the period. BOCHK Asset Management Ltd lifted its position in PDD by 3,391.7% in the 3rd quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock worth $5,649,000 after buying an additional 40,700 shares in the last quarter. Maple Rock Capital Partners Inc. purchased a new position in shares of PDD during the 3rd quarter valued at $74,221,000. Finally, M&G PLC grew its holdings in shares of PDD by 14.2% during the 3rd quarter. M&G PLC now owns 247,417 shares of the company’s stock valued at $33,401,000 after acquiring an additional 30,817 shares in the last quarter. 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.