Analysts Set PDD Holdings Inc. (NASDAQ:PDD) Price Target at $173.40

PDD Holdings Inc. (NASDAQ:PDD) has earned an average recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $173.40.

Several analysts recently weighed in on PDD shares. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Benchmark reduced their price target on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Jefferies Financial Group dropped their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Finally, JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $170.00 to $105.00 in a research note on Friday, November 22nd.

Hedge Funds Weigh In On PDD

Several hedge funds and other institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC lifted its holdings in PDD by 13.2% in the second quarter. Commonwealth Equity Services LLC now owns 21,008 shares of the company’s stock valued at $2,793,000 after acquiring an additional 2,442 shares during the period. Van ECK Associates Corp boosted its holdings in shares of PDD by 107.6% in the second quarter. Van ECK Associates Corp now owns 71,178 shares of the company’s stock worth $9,463,000 after buying an additional 36,885 shares during the last quarter. Ritholtz Wealth Management boosted its holdings in shares of PDD by 27.0% in the second quarter. Ritholtz Wealth Management now owns 16,560 shares of the company’s stock worth $2,202,000 after buying an additional 3,518 shares during the last quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV grew its position in PDD by 10.0% during the second quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 220,000 shares of the company’s stock valued at $29,249,000 after buying an additional 20,000 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in PDD by 2.7% during the second quarter. CIBC Asset Management Inc now owns 120,141 shares of the company’s stock valued at $15,973,000 after buying an additional 3,197 shares during the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Price Performance

Shares of PDD opened at $96.99 on Friday. PDD has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The firm’s 50-day simple moving average is $108.41 and its two-hundred day simple moving average is $120.79. The stock has a market cap of $133.45 billion, a PE ratio of 9.47, a price-to-earnings-growth ratio of 0.29 and a beta of 0.67. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

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.