PDD (NASDAQ:PDD) Shares Up 3.3% – What’s Next?

PDD Holdings Inc. (NASDAQ:PDD)’s share price shot up 3.3% during mid-day trading on Tuesday . The stock traded as high as $122.61 and last traded at $122.20. 1,412,097 shares changed hands during trading, a decline of 87% from the average session volume of 10,638,456 shares. The stock had previously closed at $118.35.

Wall Street Analyst Weigh In

PDD has been the subject of a number of research reports. Nomura Securities lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 21st. Jefferies Financial Group dropped their price objective on shares of PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. JPMorgan Chase & Co. increased their price target on shares of PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Benchmark reiterated a “buy” rating and issued a $160.00 target price on shares of PDD in a report on Friday, March 21st. Finally, Citigroup reissued a “neutral” rating on shares of PDD in a research report on Thursday, March 20th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $169.91.

PDD Price Performance

The stock has a 50-day moving average price of $118.41 and a two-hundred day moving average price of $114.61. 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 cap of $168.01 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.32 and a beta of 0.69.

Hedge Funds Weigh In On PDD

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC purchased a new stake in PDD during the 4th quarter worth approximately $39,000. Brooklyn Investment Group boosted its position in PDD by 340.3% in the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after buying an additional 405 shares during the last quarter. Global Retirement Partners LLC increased its holdings in PDD by 939.6% in the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after buying an additional 498 shares during the period. Farther Finance Advisors LLC increased its holdings in PDD by 30.9% in 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. Finally, EverSource Wealth Advisors LLC lifted its stake in PDD by 43.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock valued at $80,000 after acquiring an additional 249 shares during the period. Institutional investors and hedge funds 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.