Tidal Investments LLC Boosts Position in PDD Holdings Inc. (NASDAQ:PDD)

Tidal Investments LLC boosted its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 1,019.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 71,173 shares of the company's stock after buying an additional 64,815 shares during the period. Tidal Investments LLC's holdings in PDD were worth $9,595,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Prospera Private Wealth LLC acquired a new stake in shares of PDD during the third quarter worth about $27,000. Venturi Wealth Management LLC acquired a new stake in PDD during the 3rd quarter worth approximately $29,000. Ashton Thomas Private Wealth LLC bought a new position in PDD in the second quarter valued at approximately $32,000. Richardson Financial Services Inc. lifted its stake in PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company's stock valued at $32,000 after buying an additional 233 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of PDD in the third quarter valued at approximately $34,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Down 2.4 %

Shares of NASDAQ PDD traded down $2.53 during mid-day trading on Friday, reaching $102.13. 5,789,337 shares of the company's stock traded hands, compared to its average volume of 10,703,550. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The business has a 50-day simple moving average of $117.99 and a 200 day simple moving average of $125.61. The stock has a market cap of $140.52 billion, a P/E ratio of 9.92, a PEG ratio of 0.30 and a beta of 0.66. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69.

Analysts Set New Price Targets

Several brokerages recently commented on PDD. Dbs Bank cut shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. Bank of America cut their price target on shares of PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a research report on Tuesday, August 27th. Jefferies Financial Group decreased 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. JPMorgan Chase & Co. lowered 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 report on Friday, November 22nd. Finally, Sanford C. Bernstein reduced their price target on PDD from $235.00 to $170.00 and set an "outperform" rating for the company in a research report on Tuesday, August 27th. Three investment 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 company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $173.40.

PDD 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.