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

Shares of PDD Holdings Inc. (NASDAQ:PDD) traded up 6.6% during mid-day trading on Friday . The stock traded as high as $131.49 and last traded at $132.65. 3,594,700 shares were traded 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.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PDD. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Benchmark reduced their price target on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Jefferies Financial Group reduced their price target on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Finally, Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Three equities research 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. According to MarketBeat.com, PDD currently has an average rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Trading Up 5.6 %

The company has a 50 day simple moving average of $107.12 and a 200 day simple moving average of $114.08. 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 market capitalization of $180.71 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 0.32 and a beta of 0.67.

Institutional Investors Weigh In On PDD

A number of large investors have recently made changes to their positions in PDD. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of PDD by 1,374.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after purchasing an additional 12,253,589 shares in the last quarter. Norges Bank purchased a new stake in shares of PDD in the fourth quarter valued at approximately $812,246,000. Sanders Capital LLC purchased a new stake in shares of PDD in the fourth quarter valued at approximately $499,972,000. FMR LLC grew its position in shares of PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company’s stock valued at $2,483,253,000 after purchasing an additional 4,673,022 shares in the last quarter. Finally, H&H International Investment LLC grew its position in shares of PDD by 3,693.8% in the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock valued at $526,784,000 after purchasing an additional 3,804,600 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

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.