PDD (NASDAQ:PDD) Trading Up 3.3% – Here’s Why

PDD Holdings Inc. (NASDAQ:PDD) shot up 3.3% during trading on Tuesday . The company traded as high as $122.61 and last traded at $122.20. 1,412,097 shares traded hands during trading, a decline of 87% from the average session volume of 10,638,456 shares. The stock had previously closed at $118.35.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PDD. Nomura Securities lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. JPMorgan Chase & Co. lifted 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, March 21st. Nomura restated a “neutral” rating and set a $130.00 price objective (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Citigroup reaffirmed a “neutral” rating on shares of PDD in a research report on Thursday, March 20th. Finally, Benchmark reissued a “buy” rating and set a $160.00 price target on shares of PDD in a research report on Friday, March 21st. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $169.91.

PDD Price Performance

The company’s 50-day simple moving average is $119.09 and its 200-day simple moving average is $114.84. 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 company has a market cap of $163.83 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 0.32 and a beta of 0.73.

Institutional Investors Weigh In On PDD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of PDD during the fourth quarter valued at about $812,246,000. Sanders Capital LLC purchased a new position in PDD in the fourth quarter valued at about $499,972,000. FMR LLC grew its stake in PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company’s stock valued at $2,483,253,000 after purchasing an additional 4,673,022 shares in the last quarter. FIL Ltd increased its holdings in PDD by 72.4% during the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company’s stock worth $773,847,000 after purchasing an additional 3,350,627 shares during the last quarter. Finally, Capital International Investors acquired a new position in shares of PDD in the 4th quarter valued at approximately $246,823,000. Hedge funds and other 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.