PDD (NASDAQ:PDD) Sees Unusually-High Trading Volume – Should You Buy?

PDD Holdings Inc. (NASDAQ:PDD) saw an uptick in trading volume on Monday . 3,412,882 shares traded hands during mid-day trading, a decline of 20% from the previous session’s volume of 4,290,248 shares.The stock last traded at $101.79 and had previously closed at $96.82.

Analysts Set New Price Targets

Several research analysts recently weighed in on PDD shares. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $170.00 to $105.00 in a research note 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 dropped their price target on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Finally, Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, PDD currently has an average rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Price Performance

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 $136.12 billion, a PE ratio of 9.66, a PEG ratio of 0.29 and a beta of 0.66. The business has a 50-day moving average price of $106.90 and a 200 day moving average price of $119.76.

Institutional Trading of PDD

Several hedge funds and other institutional investors have recently modified their holdings of PDD. Prime Capital Investment Advisors LLC lifted its holdings in PDD by 5.2% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock worth $244,000 after purchasing an additional 89 shares in the last quarter. Ballentine Partners LLC increased its position in shares of PDD by 4.6% during the second quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock valued at $359,000 after buying an additional 120 shares during the period. Parallel Advisors LLC lifted its holdings in shares of PDD by 5.3% in the second quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock worth $324,000 after buying an additional 122 shares in the last quarter. OneDigital Investment Advisors LLC boosted its position in shares of PDD by 6.8% in the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock valued at $354,000 after acquiring an additional 166 shares during the period. Finally, CWM LLC grew its stake in PDD by 19.3% during the third quarter. CWM LLC now owns 1,046 shares of the company’s stock valued at $141,000 after acquiring an additional 169 shares in the last quarter. 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.