PDD (NASDAQ:PDD) Trading 3.3% Higher - Here's What Happened

Shares of PDD Holdings Inc. (NASDAQ:PDD - Get Free Report) traded up 3.3% during trading on Tuesday . The company traded as high as $122.61 and last traded at $122.20. 1,412,097 shares were traded during trading, a decline of 87% from the average session volume of 10,638,456 shares. The stock had previously closed at $118.35.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PDD shares. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Jefferies Financial Group lowered their price objective on PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Citigroup reaffirmed a "neutral" rating on shares of PDD in a research note on Thursday, March 20th. Benchmark reissued a "buy" rating and set a $160.00 price objective on shares of PDD in a research report on Friday, March 21st. Finally, Nomura restated a "neutral" rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $169.91.

PDD Stock Performance

The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm's fifty day moving average price is $119.14 and its 200-day moving average price is $114.88. The firm 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.

Remove Ads

Institutional Trading of PDD

A number of hedge funds and other institutional investors have recently made changes to their positions in PDD. Baillie Gifford & Co. grew its stake in PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock worth $3,691,376,000 after buying an additional 1,942,891 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of 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 acquiring an additional 268,662 shares during the period. FMR LLC grew 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 acquiring an additional 4,673,022 shares during the last quarter. Norges Bank purchased a new position in shares of PDD during the fourth quarter worth approximately $812,246,000. Finally, FIL Ltd increased its holdings in shares of PDD by 72.4% in the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company's stock valued at $773,847,000 after acquiring an additional 3,350,627 shares during the period. 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.