PDD (NASDAQ:PDD) Sees Unusually-High Trading Volume - Here's What Happened

Shares of PDD Holdings Inc. (NASDAQ:PDD - Get Free Report) saw unusually-high trading volume on Monday . Approximately 3,412,882 shares changed hands during mid-day trading, a decline of 20% from the previous session's volume of 4,290,248 shares.The stock last traded at $101.79 and had previously closed at $96.82.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Dbs Bank lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. Jefferies Financial Group cut 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. Macquarie raised shares of PDD from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Benchmark decreased their price objective on shares of PDD from $185.00 to $160.00 and set a "buy" rating for the company in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. downgraded PDD from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $173.40.

PDD Stock Up 2.3 %

The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $136.24 billion, a price-to-earnings ratio of 9.67, a P/E/G ratio of 0.29 and a beta of 0.66. The business has a fifty day simple moving average of $106.90 and a two-hundred day simple moving average of $119.76.

Institutional Investors Weigh In On PDD

A number of hedge funds have recently modified their holdings of PDD. Prospera Private Wealth LLC acquired a new stake in PDD in the 3rd quarter valued at $27,000. Venturi Wealth Management LLC bought a new position in PDD in the third quarter valued at approximately $29,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of PDD during the 2nd quarter worth approximately $32,000. Richardson Financial Services Inc. raised its stake 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 worth $32,000 after purchasing an additional 233 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of PDD in the 3rd quarter valued at approximately $34,000. Institutional investors and hedge funds 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.