PDD (NASDAQ:PDD) Trading Up 3.8% – Still a Buy?

PDD Holdings Inc. (NASDAQ:PDD) was up 3.8% on Tuesday . The stock traded as high as $98.30 and last traded at $97.98. Approximately 3,006,435 shares were traded during trading, a decline of 72% from the average daily volume of 10,608,748 shares. The stock had previously closed at $94.39.

Analyst Ratings Changes

PDD has been the subject of several recent analyst reports. Benchmark decreased their target price on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Jefferies Financial Group cut their target price on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Finally, Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Stock Up 2.9 %

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 stock has a market capitalization of $133.60 billion, a P/E ratio of 9.48, a P/E/G ratio of 0.29 and a beta of 0.66. The firm’s fifty day moving average is $109.04 and its 200-day moving average is $121.15.

Hedge Funds Weigh In On PDD

Institutional investors have recently bought and sold shares of the business. Lord Abbett & CO. LLC raised its stake in shares of PDD by 63.9% in the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock worth $5,155,000 after acquiring an additional 14,905 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in shares of PDD in the third quarter valued at approximately $653,000. Tidal Investments LLC raised its position in PDD by 1,019.4% in the 3rd quarter. Tidal Investments LLC now owns 71,173 shares of the company’s stock worth $9,595,000 after purchasing an additional 64,815 shares during the last quarter. Sanctuary Advisors LLC raised its position in PDD by 42.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 13,306 shares of the company’s stock worth $1,794,000 after purchasing an additional 3,943 shares during the last quarter. Finally, TT International Asset Management LTD acquired a new position in PDD during the 3rd quarter worth $74,430,000. Institutional investors own 39.83% of the company’s stock.

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.