Short Interest in PDD Holdings Inc. (NASDAQ:PDD) Declines By 20.0%

PDD Holdings Inc. (NASDAQ:PDD - Get Free Report) was the target of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 26,390,000 shares, a decrease of 20.0% from the October 15th total of 32,980,000 shares. Based on an average daily volume of 16,040,000 shares, the short-interest ratio is currently 1.6 days.

Hedge Funds Weigh In On PDD

A number of hedge funds have recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new position in PDD in the 3rd quarter valued at approximately $27,000. Venturi Wealth Management LLC acquired a new stake in PDD during the 3rd quarter valued at $29,000. Ashton Thomas Private Wealth LLC bought a new position in shares of PDD in the 2nd quarter valued at about $32,000. Richardson Financial Services Inc. raised its position in shares of PDD by 3,883.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company's stock valued at $32,000 after acquiring an additional 233 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in PDD during the third quarter worth about $34,000. Institutional investors and hedge funds own 29.07% of the company's stock.

Analysts Set New Price Targets

PDD has been the subject of several recent analyst reports. Bank of America lowered their price target on PDD from $206.00 to $170.00 and set a "buy" rating for the company in a report on Tuesday, August 27th. Barclays reduced their target price on shares of PDD from $224.00 to $158.00 and set an "overweight" rating on the stock in a report on Tuesday, August 27th. Jefferies Financial Group lowered their target price on PDD from $193.00 to $151.00 and set a "buy" rating for the company in a research note on Monday, August 26th. Nomura Securities raised PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Finally, Benchmark lowered their price target on shares of PDD from $230.00 to $185.00 and set a "buy" rating for the company in a report on Tuesday, August 27th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $182.40.

PDD Price Performance

PDD stock traded up $1.67 during midday trading on Friday, reaching $114.00. 8,434,144 shares of the company were exchanged, compared to its average volume of 10,571,359. PDD has a 1 year low of $88.01 and a 1 year high of $164.69. The firm's 50-day simple moving average is $121.17 and its 200-day simple moving average is $130.62. The company has a market capitalization of $156.85 billion, a price-to-earnings ratio of 12.24, a P/E/G ratio of 0.27 and a beta of 0.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11.

PDD (NASDAQ:PDD - Get Free Report) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping the consensus estimate of $2.66 by $20.58. The company had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm's revenue for the quarter was up 85.7% compared to the same quarter last year. During the same period last year, the business earned $1.27 EPS. On average, analysts anticipate that PDD will post 11.19 EPS for the current year.

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.