PDD (NASDAQ:PDD) Shares Up 3.3% – What’s Next?

PDD Holdings Inc. (NASDAQ:PDD)’s share price was up 3.3% during mid-day trading on Tuesday . The company traded as high as $122.61 and last traded at $122.20. Approximately 1,412,097 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 10,638,456 shares. The stock had previously closed at $118.35.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PDD shares. Citigroup reiterated a “neutral” rating on shares of PDD in a research note on Thursday, March 20th. Nomura reiterated a “neutral” rating and issued a $130.00 target price (down previously from $137.00) on shares of PDD in a research report on Thursday, March 20th. Nomura Securities lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 21st. JPMorgan Chase & Co. lifted their price objective on shares of PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Finally, Benchmark reissued a “buy” rating and set a $160.00 target price on shares of PDD in a report on Friday, March 21st. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, PDD presently has a consensus rating of “Moderate Buy” and a consensus price target of $169.91.

PDD Price 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 stock has a market capitalization of $163.83 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 0.32 and a beta of 0.73. The business’s 50 day simple moving average is $119.09 and its 200-day simple moving average is $114.84.

Hedge Funds Weigh In On PDD

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its stake in PDD by 8.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock valued at $118,000 after acquiring an additional 97 shares in the last quarter. Farther Finance Advisors LLC raised 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 valued at $54,000 after purchasing an additional 132 shares in the last quarter. New York Life Investment Management LLC lifted its holdings in PDD by 5.8% in the fourth quarter. New York Life Investment Management LLC now owns 2,528 shares of the company’s stock worth $245,000 after purchasing an additional 139 shares during the period. Cibc World Markets Corp grew its position in PDD by 1.1% in the 4th quarter. Cibc World Markets Corp now owns 14,799 shares of the company’s stock valued at $1,435,000 after buying an additional 164 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in PDD by 43.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock valued at $80,000 after buying an additional 249 shares during the period. 39.83% of the stock is owned by institutional investors.

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.