Brokerages Set PDD Holdings Inc. (NASDAQ:PDD) Price Target at $173.40

PDD Holdings Inc. (NASDAQ:PDD) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $173.40.

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group lowered their target price on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Benchmark lowered their price objective on shares of PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd.

PDD Stock Performance

Shares of PDD stock opened at $131.34 on Monday. PDD has a 12 month low of $88.01 and a 12 month high of $164.69. The company’s fifty day simple moving average is $107.12 and its 200-day simple moving average is $114.21. The firm has a market cap of $180.71 billion, a PE ratio of 12.83, a P/E/G ratio of 0.32 and a beta of 0.67. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On PDD

A number of large investors have recently made changes to their positions in PDD. Gordian Capital Singapore Pte Ltd grew its holdings in PDD by 1,218.9% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock valued at $942,000 after buying an additional 6,460 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in shares of PDD by 63.9% in the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock valued at $5,155,000 after acquiring an additional 14,905 shares in the last quarter. TB Alternative Assets Ltd. grew its stake in shares of PDD by 33.7% in the third quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock valued at $23,342,000 after acquiring an additional 43,648 shares in the last quarter. BOCHK Asset Management Ltd increased its position in PDD by 3,391.7% during the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock worth $5,649,000 after acquiring an additional 40,700 shares during the period. Finally, Maple Rock Capital Partners Inc. acquired a new stake in PDD in the 3rd quarter worth about $74,221,000. 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.