PDD (NASDAQ:PDD) Stock Price Down 5.5% After Analyst Downgrade

PDD Holdings Inc. (NASDAQ:PDD - Get Free Report)'s share price was down 5.5% during mid-day trading on Friday after Nomura Securities downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $123.54 and last traded at $123.69. Approximately 3,888,119 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 10,440,885 shares. The stock had previously closed at $130.92.

Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. boosted their price objective on shares of PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a research report on Friday. Jefferies Financial Group reduced their price target on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday. Benchmark reiterated a "buy" rating and issued a $160.00 price objective on shares of PDD in a report on Friday. Dbs Bank cut PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. Finally, Nomura reaffirmed a "neutral" rating and issued a $130.00 price target (down previously from $137.00) on shares of PDD in a research note on Thursday. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $169.91.

Institutional Trading of PDD

A number of hedge funds have recently modified their holdings of PDD. Fairtree Asset Management Pty Ltd bought a new position in shares of PDD in the 4th quarter worth about $5,531,000. California State Teachers Retirement System increased its stake in shares of PDD by 7.1% during the fourth quarter. California State Teachers Retirement System now owns 324,354 shares of the company's stock valued at $31,459,000 after purchasing an additional 21,507 shares in the last quarter. 111 Capital purchased a new position in shares of PDD during the fourth quarter valued at approximately $508,000. Wealthedge Investment Advisors LLC purchased a new stake in shares of PDD in the 4th quarter worth approximately $666,000. Finally, Siemens Fonds Invest GmbH purchased a new stake in shares of PDD in the 4th quarter worth approximately $192,000. Institutional investors own 39.83% of the company's stock.

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PDD Trading Up 1.4 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The stock has a 50-day moving average of $115.75 and a two-hundred day moving average of $113.38. The company has a market cap of $176.72 billion, a P/E ratio of 12.54, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69.

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.