PDD Holdings Inc. (NASDAQ:PDD – Get Free Report) shares gapped down before the market opened on Monday after Macquarie downgraded the stock from an outperform rating to a neutral rating. The stock had previously closed at $139.87, but opened at $110.20. PDD shares last traded at $104.82, with a volume of 22,089,252 shares traded.
A number of other brokerages have also recently commented on PDD. Barclays raised their price objective on shares of PDD from $178.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Citigroup upped their price target on PDD from $185.00 to $198.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Bank of America raised their price objective on PDD from $191.00 to $206.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. UBS Group upped their target price on PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Finally, Sanford C. Bernstein boosted their price target on shares of PDD from $180.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, PDD currently has a consensus rating of “Moderate Buy” and a consensus target price of $187.50.
Institutional Investors Weigh In On PDD
A number of institutional investors have recently modified their holdings of PDD. International Assets Investment Management LLC purchased a new position in shares of PDD in the 4th quarter valued at about $13,379,000. Truist Financial Corp lifted its position in shares of PDD by 12.8% during the 4th quarter. Truist Financial Corp now owns 3,143 shares of the company’s stock worth $460,000 after purchasing an additional 357 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of PDD during the fourth quarter worth $229,000. Victory Capital Management Inc. grew its stake in shares of PDD by 7.1% during the fourth quarter. Victory Capital Management Inc. now owns 921,380 shares of the company’s stock worth $134,807,000 after purchasing an additional 60,991 shares in the last quarter. Finally, New York Life Investment Management LLC purchased a new position in PDD in the fourth quarter valued at $259,000. 29.07% of the stock is owned by institutional investors and hedge funds.
PDD Stock Performance
The company has a market capitalization of $137.59 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 0.26 and a beta of 0.63. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a 50 day simple moving average of $137.27 and a two-hundred day simple moving average of $133.11.
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.