PDD Holdings Inc. (NASDAQ:PDD) Sees Large Drop in Short Interest

PDD Holdings Inc. (NASDAQ:PDD) was the target of a significant drop in short interest in February. As of February 15th, there was short interest totalling 23,860,000 shares, a drop of 16.6% from the January 31st total of 28,600,000 shares. Based on an average trading volume of 9,970,000 shares, the short-interest ratio is currently 2.4 days.

PDD Stock Performance

PDD traded up $0.17 on Friday, hitting $119.99. The company had a trading volume of 3,914,133 shares, compared to its average volume of 8,724,757. PDD has a 1-year low of $88.01 and a 1-year high of $164.69. 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’s fifty day moving average price is $110.21 and its 200 day moving average price is $112.76. The stock has a market cap of $165.09 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69.

Analyst Ratings Changes

PDD has been the topic of a number of research reports. JPMorgan Chase & Co. downgraded 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 cut PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Benchmark reduced their price target on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Finally, Jefferies Financial Group lowered their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, PDD currently has an average rating of “Moderate Buy” and an average target price of $173.40.

Institutional Trading of PDD

Several hedge funds have recently added to or reduced their stakes in the business. Prime Capital Investment Advisors LLC raised its stake in shares of PDD by 5.2% in the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock valued at $244,000 after purchasing an additional 89 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of PDD by 8.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock worth $118,000 after buying an additional 97 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after buying an additional 132 shares during the period. New York Life Investment Management LLC boosted its stake in PDD by 5.8% in the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company’s stock valued at $245,000 after buying an additional 139 shares in the last quarter. Finally, Cibc World Markets Corp grew its position in PDD by 1.1% in the fourth quarter. Cibc World Markets Corp now owns 14,799 shares of the company’s stock valued at $1,435,000 after acquiring an additional 164 shares during the period. Institutional investors own 39.83% of the company’s stock.

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.