PDD (NASDAQ:PDD) Sees Large Volume Increase – Time to Buy?

PDD Holdings Inc. (NASDAQ:PDD) shares saw unusually-high trading volume on Thursday . Approximately 8,308,639 shares were traded during 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.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Jefferies Financial Group decreased their target price on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on shares of PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday. Benchmark reissued a “buy” rating and issued a $160.00 price target on shares of PDD in a report on Friday. Nomura restated a “neutral” rating and issued a $130.00 price target (down from $137.00) on shares of PDD in a research report on Thursday. Finally, Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Four 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $169.91.

PDD Trading Down 3.3 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The business’s 50 day simple moving average is $115.75 and its 200 day simple moving average is $113.13. The stock has a market cap of $174.24 billion, a P/E ratio of 12.37, a PEG ratio of 0.32 and a beta of 0.69.

Hedge Funds Weigh In On PDD

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp raised its stake in PDD by 8.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock worth $118,000 after acquiring an additional 97 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after purchasing an additional 132 shares in the last quarter. New York Life Investment Management LLC lifted its holdings in PDD by 5.8% during the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company’s stock valued at $245,000 after purchasing an additional 139 shares during the last quarter. Cibc World Markets Corp boosted its position in PDD by 1.1% in the fourth quarter. Cibc World Markets Corp now owns 14,799 shares of the company’s stock valued at $1,435,000 after buying an additional 164 shares in the last quarter. Finally, OneDigital Investment Advisors LLC grew its stake in PDD by 6.8% during the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock worth $354,000 after buying an additional 166 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

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.