PDD (NASDAQ:PDD) Sees Strong Trading Volume – Still a Buy?

Shares of PDD Holdings Inc. (NASDAQ:PDD) saw an uptick in trading volume on Thursday . 8,308,639 shares changed hands during mid-day trading, a decline of 21% from the previous session’s volume of 10,513,959 shares.The stock last traded at $128.66 and had previously closed at $125.92.

Analyst Ratings Changes

Several equities analysts have commented on the stock. JPMorgan Chase & Co. cut shares of 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 research report on Friday, November 22nd. Benchmark decreased their price target on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Jefferies Financial Group cut their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Finally, Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $173.40.

PDD Trading Up 2.0 %

The firm has a fifty day moving average of $114.50 and a two-hundred day moving average of $112.79. The company has a market cap of $176.63 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

Institutional Trading of PDD

Several hedge funds and other institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. raised its holdings in PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after acquiring an additional 1,942,891 shares during the period. Vanguard Group Inc. raised its stake in shares of PDD by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock valued at $2,779,986,000 after purchasing an additional 268,662 shares during the period. FMR LLC lifted its holdings in PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company’s stock worth $2,483,253,000 after purchasing an additional 4,673,022 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in PDD by 1,374.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock worth $1,772,106,000 after purchasing an additional 12,253,589 shares in the last quarter. Finally, Norges Bank purchased a new position in PDD during the 4th quarter valued at about $812,246,000. 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.