PDD (NASDAQ:PDD) Sees Unusually-High Trading Volume – Here’s What Happened

PDD Holdings Inc. (NASDAQ:PDD) shares saw an uptick in trading volume on Thursday . 8,308,639 shares were traded during mid-day 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 have recently commented on PDD shares. Nomura restated a “neutral” rating and issued a $130.00 target price (down from $137.00) on shares of PDD in a research note on Thursday. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Benchmark reiterated a “buy” rating and set a $160.00 target price on shares of PDD in a research report on Friday. JPMorgan Chase & Co. raised their price target on shares of PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a report on Friday. Finally, Jefferies Financial Group reduced their price objective on PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a report on Thursday. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $169.91.

PDD Stock Down 3.3 %

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

Institutional Investors Weigh In On PDD

Institutional investors have recently made changes to their positions in the stock. Prospera Private Wealth LLC bought a new position in PDD during the third quarter worth about $27,000. Nisa Investment Advisors LLC bought a new position in PDD during the 4th quarter worth approximately $39,000. Brooklyn Investment Group grew its holdings in PDD by 340.3% during the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after purchasing an additional 405 shares during the period. Global Retirement Partners LLC increased its stake in 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 in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in PDD by 30.9% in 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 owned by institutional investors and hedge funds.

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.