PDD (NASDAQ:PDD) Trading 8.4% Higher – Should You Buy?

Shares of PDD Holdings Inc. (NASDAQ:PDD) were up 8.4% during mid-day trading on Tuesday . The company traded as high as $113.19 and last traded at $114.06. Approximately 3,651,637 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 7,607,307 shares. The stock had previously closed at $105.24.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PDD. Benchmark lowered their price objective on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, Jefferies Financial Group dropped their price target on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Three equities 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Price Performance

The firm has a 50 day moving average of $102.27 and a 200-day moving average of $114.74. 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 company has a market cap of $155.09 billion, a P/E ratio of 11.01, a P/E/G ratio of 0.29 and a beta of 0.66.

Hedge Funds Weigh In On PDD

Institutional investors have recently bought and sold shares of the business. Prospera Private Wealth LLC bought a new stake in PDD in the third quarter worth $27,000. Venturi Wealth Management LLC purchased a new stake in shares of PDD in the third quarter valued at $29,000. Future Financial Wealth Managment LLC bought a new stake in shares of PDD in the 3rd quarter worth about $34,000. Nisa Investment Advisors LLC purchased a new position in shares of PDD during the 4th quarter worth about $39,000. Finally, Brooklyn Investment Group grew its holdings in PDD by 340.3% during the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after purchasing an additional 405 shares during the last quarter. 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.