PDD (NASDAQ:PDD) Stock Price Up 3.8% – Here’s What Happened

PDD Holdings Inc. (NASDAQ:PDD)’s share price shot up 3.8% on Tuesday . The company traded as high as $98.30 and last traded at $97.98. 3,006,435 shares were traded during trading, a decline of 72% from the average session volume of 10,608,748 shares. The stock had previously closed at $94.39.

Analysts Set New Price Targets

A number of research firms have weighed in on PDD. Benchmark decreased their price objective on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and raised their price target for the company from $126.00 to $224.00 in a report on Monday, October 7th. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Finally, Jefferies Financial Group reduced their price objective on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $173.40.

PDD Price Performance

The firm has a market capitalization of $133.45 billion, a P/E ratio of 9.47, a price-to-earnings-growth ratio of 0.29 and a beta of 0.67. The business has a fifty day moving average of $107.90 and a 200-day moving average of $120.62. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

Hedge Funds Weigh In On PDD

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of PDD by 1,374.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after purchasing an additional 12,253,589 shares in the last quarter. H&H International Investment LLC grew its position in shares of PDD by 3,693.8% in the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock valued at $526,784,000 after purchasing an additional 3,804,600 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of PDD by 107.8% in the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock valued at $487,984,000 after purchasing an additional 1,904,155 shares during the last quarter. Tairen Capital Ltd grew its position in shares of PDD by 49.8% in the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after purchasing an additional 1,788,076 shares during the last quarter. Finally, FMR LLC grew its position in PDD by 8.6% during the third quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after buying an additional 1,654,764 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

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.