PDD (NASDAQ:PDD) Stock Price Down 5.5% on Analyst Downgrade

PDD Holdings Inc. (NASDAQ:PDD) shares fell 5.5% during trading on Friday after Nomura Securities downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $123.54 and last traded at $123.69. 3,888,119 shares traded hands during trading, a decline of 63% from the average session volume of 10,440,885 shares. The stock had previously closed at $130.92.

A number of other equities analysts also recently commented on PDD. Benchmark restated a “buy” rating and set a $160.00 price objective on shares of PDD in a research note on Friday. Jefferies Financial Group reduced their price target on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research report on Thursday. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Nomura reiterated a “neutral” rating and set a $130.00 price objective (down previously from $137.00) on shares of PDD in a research note on Thursday. Finally, JPMorgan Chase & Co. raised their target price on shares of PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $169.91.

Hedge Funds Weigh In On PDD

Several institutional investors and hedge funds have recently modified their holdings of PDD. Prospera Private Wealth LLC bought a new stake in shares of PDD during the 3rd quarter worth about $27,000. Nisa Investment Advisors LLC acquired a new stake in PDD during the fourth quarter worth approximately $39,000. Brooklyn Investment Group boosted its holdings in shares of PDD by 340.3% during the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after acquiring an additional 405 shares during the period. Global Retirement Partners LLC grew its position in shares of PDD by 939.6% in the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after purchasing an additional 498 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of PDD by 30.9% during the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after purchasing an additional 132 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company has a fifty day moving average of $115.75 and a two-hundred day moving average of $113.24. The firm has a market capitalization of $174.24 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 0.32 and a beta of 0.69.

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.