PDD (NASDAQ:PDD) Trading Down 3.1% - Here's Why

Shares of PDD Holdings Inc. (NASDAQ:PDD - Get Free Report) were down 3.1% on Wednesday . The stock traded as low as $118.02 and last traded at $118.36. Approximately 1,993,260 shares were traded during trading, a decline of 77% from the average daily volume of 8,849,255 shares. The stock had previously closed at $122.19.

Analysts Set New Price Targets

Several brokerages have recently commented on PDD. Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. JPMorgan Chase & Co. raised their price objective on shares of PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Nomura restated a "neutral" rating and issued a $130.00 target price (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Benchmark restated a "buy" rating and set a $160.00 target price on shares of PDD in a research report on Friday, March 21st. Finally, Jefferies Financial Group lowered their target price on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $169.91.

PDD Price Performance

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 50 day simple moving average of $119.14 and a 200-day simple moving average of $114.88. The stock has a market cap of $143.38 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 0.32 and a beta of 0.73.

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Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Baillie Gifford & Co. grew its holdings in shares of PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after purchasing an additional 1,942,891 shares during the last quarter. Vanguard Group Inc. lifted its stake in PDD by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company's stock valued at $2,779,986,000 after buying an additional 268,662 shares during the last quarter. FMR LLC boosted its position in shares of PDD by 22.3% during the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after buying an additional 4,673,022 shares during the period. Norges Bank bought a new stake in shares of PDD during the fourth quarter valued at about $812,246,000. Finally, FIL Ltd lifted its holdings in PDD by 72.4% in the fourth quarter. FIL Ltd now owns 7,978,622 shares of the company's stock worth $773,847,000 after purchasing an additional 3,350,627 shares during the period. 39.83% of the stock is currently owned by 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.