PDD (NASDAQ:PDD) Shares Gap Down - Here's What Happened

PDD Holdings Inc. (NASDAQ:PDD - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $131.34, but opened at $125.16. PDD shares last traded at $120.25, with a volume of 7,254,930 shares traded.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Jefferies Financial Group cut their price objective on PDD from $181.00 to $171.00 and set a "buy" rating for the company in a report on Thursday, November 21st. Benchmark decreased their price objective on shares of PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a report on Friday, November 22nd. JPMorgan Chase & Co. downgraded shares of PDD from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Dbs Bank cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. Three 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 company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $173.40.

PDD Price Performance

The company has a 50-day moving average price of $107.86 and a 200-day moving average price of $113.68. The firm has a market capitalization of $164.79 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 0.32 and a beta of 0.66. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

Institutional Trading of PDD

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp increased its stake in PDD by 20.0% in the fourth quarter. Mackenzie Financial Corp now owns 244,609 shares of the company's stock valued at $23,725,000 after purchasing an additional 40,732 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in PDD during the 4th quarter worth $128,493,000. Vise Technologies Inc. lifted its holdings in PDD by 304.4% during the fourth quarter. Vise Technologies Inc. now owns 9,280 shares of the company's stock worth $900,000 after acquiring an additional 6,985 shares in the last quarter. Sylebra Capital LLC grew its stake in PDD by 33.4% in the fourth quarter. Sylebra Capital LLC now owns 656,751 shares of the company's stock valued at $63,698,000 after acquiring an additional 164,585 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in shares of PDD by 550.5% in the fourth quarter. Two Sigma Advisers LP now owns 61,800 shares of the company's stock worth $5,994,000 after acquiring an additional 52,300 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

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.