PDD (NASDAQ:PDD) Shares Down 5.9% – What’s Next?

PDD Holdings Inc. (NASDAQ:PDD) shares traded down 5.9% during mid-day trading on Monday . The stock traded as low as $104.80 and last traded at $105.31. 11,326,403 shares changed hands during trading, an increase of 48% from the average session volume of 7,649,852 shares. The stock had previously closed at $111.91.

Analysts Set New Price Targets

A number of brokerages have recently commented on PDD. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Jefferies Financial Group cut their target price on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Benchmark cut their price objective on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Stock Down 3.4 %

The company has a 50-day moving average of $102.04 and a two-hundred day moving average of $114.78. 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 capitalization of $151.54 billion, a PE ratio of 10.76, a P/E/G ratio of 0.29 and a beta of 0.66.

Institutional Investors Weigh In On PDD

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in PDD by 1,374.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after buying an additional 12,253,589 shares in the last quarter. H&H International Investment LLC grew its stake in PDD by 3,693.8% during the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock valued at $526,784,000 after acquiring an additional 3,804,600 shares in the last quarter. Baillie Gifford & Co. increased its holdings in PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after acquiring an additional 1,942,891 shares during the last quarter. FMR LLC lifted its stake in PDD by 8.6% in the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after purchasing an additional 1,654,764 shares in the last quarter. Finally, Capital Today Evergreen Fund L.P. boosted its holdings in shares of PDD by 60.1% during the 4th quarter. Capital Today Evergreen Fund L.P. now owns 2,493,586 shares of the company’s stock valued at $241,853,000 after purchasing an additional 935,854 shares during the last quarter. 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.