PDD (NASDAQ:PDD) Shares Up 3.8% - Time to Buy?

PDD Holdings Inc. (NASDAQ:PDD - Get Free Report)'s stock price traded up 3.8% during trading on Tuesday . The stock traded as high as $98.30 and last traded at $97.98. 3,006,435 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 10,608,748 shares. The stock had previously closed at $94.39.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PDD shares. JPMorgan Chase & Co. lowered PDD from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Macquarie raised shares of PDD from a "neutral" rating to an "outperform" rating and raised their target price for the company from $126.00 to $224.00 in a report on Monday, October 7th. Jefferies Financial Group lowered their price target on shares of PDD from $181.00 to $171.00 and set a "buy" rating for the company in a report on Thursday, November 21st. Benchmark reduced 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. Finally, Dbs Bank downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $173.40.

PDD Stock Up 2.8 %

The company has a market capitalization of $133.45 billion, a PE ratio of 9.47, a P/E/G ratio of 0.29 and a beta of 0.66. 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 has a 50 day simple moving average of $108.41 and a two-hundred day simple moving average of $120.79.

Hedge Funds Weigh In On PDD

A number of large investors have recently modified their holdings of the business. Baillie Gifford & Co. increased its holdings in shares of PDD by 2.8% in the 3rd quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company's stock valued at $4,868,859,000 after purchasing an additional 988,042 shares in the last quarter. FMR LLC grew its position in PDD by 8.6% during the third quarter. FMR LLC now owns 20,930,161 shares of the company's stock worth $2,821,595,000 after buying an additional 1,654,764 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in PDD by 1,374.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company's stock valued at $1,772,106,000 after buying an additional 12,253,589 shares in the last quarter. Tairen Capital Ltd lifted its position in shares of PDD by 49.8% during the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company's stock valued at $715,055,000 after acquiring an additional 1,788,076 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of PDD by 13.0% during the 2nd quarter. Legal & General Group Plc now owns 5,332,414 shares of the company's stock worth $708,944,000 after acquiring an additional 612,119 shares in the last quarter. 39.83% of the stock is owned by hedge funds and other 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.