PDD (NASDAQ:PDD) Sees Strong Trading Volume on Analyst Upgrade

PDD Holdings Inc. (NASDAQ:PDDGet Free Report) shares saw unusually-high trading volume on Thursday after Citigroup raised their price target on the stock from $170.00 to $185.00. Citigroup currently has a buy rating on the stock. Approximately 3,845,130 shares were traded during mid-day trading, a decline of 54% from the previous session’s volume of 8,437,928 shares.The stock last traded at $125.87 and had previously closed at $132.17.

Several other research analysts also recently issued reports on the stock. Barclays raised their price objective on shares of PDD from $164.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday. Benchmark boosted their price objective on shares of PDD from $215.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday. Jefferies Financial Group raised their target price on shares of PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, The Goldman Sachs Group lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $136.00 price target on the stock. in a research note on Monday, March 11th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $141.46.

Read Our Latest Stock Analysis on PDD

Institutional Trading of PDD

Hedge funds and other institutional investors have recently modified their holdings of the business. SC US Ttgp LTD. increased its stake in PDD by 1,414.4% in the third quarter. SC US Ttgp LTD. now owns 48,233,322 shares of the company’s stock valued at $4,730,242,000 after acquiring an additional 45,048,300 shares during the period. Norges Bank acquired a new position in PDD during the fourth quarter worth $1,075,172,000. Vanguard Group Inc. lifted its holdings in shares of PDD by 38.0% during the third quarter. Vanguard Group Inc. now owns 24,101,615 shares of the company’s stock valued at $2,363,645,000 after acquiring an additional 6,637,418 shares during the period. Baillie Gifford & Co. increased its position in shares of PDD by 14.4% during the 3rd quarter. Baillie Gifford & Co. now owns 35,668,170 shares of the company’s stock worth $3,497,977,000 after purchasing an additional 4,501,126 shares in the last quarter. Finally, FMR LLC lifted its holdings in PDD by 32.6% during the 3rd quarter. FMR LLC now owns 17,635,104 shares of the company’s stock valued at $1,729,475,000 after purchasing an additional 4,334,186 shares during the last quarter. Institutional investors and hedge funds own 31.08% of the company’s stock.

PDD Price Performance

The company’s 50 day simple moving average is $130.43 and its two-hundred day simple moving average is $122.77. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.83 and a quick ratio of 1.83. The stock has a market capitalization of $161.39 billion, a P/E ratio of 27.48, a PEG ratio of 0.44 and a beta of 0.67.

About PDD

(Get Free Report)

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.

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