PDD Holdings Inc. (NASDAQ:PDD – Get Free Report)’s stock price traded up 8.4% during mid-day trading on Tuesday . The company traded as high as $113.19 and last traded at $114.06. 3,651,637 shares traded hands during mid-day 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
A number of research analysts have issued reports on the company. Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Jefferies Financial Group lowered 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. Benchmark reduced their target price on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Finally, Macquarie raised PDD from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $126.00 to $224.00 in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $173.40.
Get Our Latest Stock Analysis on PDD
PDD Stock Performance
Institutional Trading of PDD
Large investors have recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in PDD during the 3rd quarter valued at about $27,000. Venturi Wealth Management LLC acquired a new position in PDD during the 3rd quarter valued at about $29,000. Future Financial Wealth Managment LLC acquired a new position in PDD during the 3rd quarter valued at about $34,000. Nisa Investment Advisors LLC acquired a new position in PDD during the 4th quarter valued at about $39,000. Finally, Brooklyn Investment Group boosted its stake 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 purchasing an additional 405 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.
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.
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