PDD (NASDAQ:PDD) Trading Up 3.8% – Here’s Why

PDD Holdings Inc. (NASDAQ:PDD) 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Benchmark cut their price target on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Macquarie upgraded 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 research report on Monday, October 7th. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Finally, Jefferies Financial Group reduced their price objective 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. Three 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 company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $173.40.

PDD Trading Up 2.9 %

The firm has a market capitalization of $133.60 billion, a PE ratio of 9.48, a price-to-earnings-growth ratio of 0.29 and a beta of 0.66. 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 company has a fifty day moving average of $109.04 and a 200-day moving average of $121.15.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Prospera Private Wealth LLC acquired a new stake in PDD in the 3rd quarter worth approximately $27,000. Venturi Wealth Management LLC acquired a new stake in shares of PDD in the third quarter worth $29,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of PDD during the 2nd quarter worth $32,000. Richardson Financial Services Inc. grew its stake in PDD by 3,883.3% in the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after buying an additional 233 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in PDD in the 3rd quarter valued at $34,000. Institutional investors and hedge funds 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.