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

PDD Holdings Inc. (NASDAQ:PDD) rose 3.8% during trading on Tuesday . The company traded as high as $98.30 and last traded at $97.98. Approximately 3,006,435 shares changed hands during trading, a decline of 72% from the average daily volume of 10,608,748 shares. The stock had previously closed at $94.39.

Analyst Ratings Changes

A number of brokerages recently issued reports on PDD. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $126.00 to $224.00 in a research report on Monday, October 7th. Benchmark lowered 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 reduced their target price on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company 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 PE ratio of 9.47, a PEG ratio of 0.29 and a beta of 0.67. The stock has a 50-day moving average price of $107.90 and a 200 day moving average price of $120.62. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On PDD

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Prospera Private Wealth LLC purchased a new stake in shares of PDD in the 3rd quarter valued at $27,000. Venturi Wealth Management LLC purchased a new stake in PDD during the 3rd quarter worth about $29,000. Ashton Thomas Private Wealth LLC purchased a new stake in PDD during the 2nd quarter worth about $32,000. Richardson Financial Services Inc. increased its holdings in PDD by 3,883.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after purchasing an additional 233 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new stake in PDD during the 3rd quarter worth about $34,000. Institutional investors and hedge funds 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.