PDD Holdings Inc. (NASDAQ:PDD – Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $119.87, but opened at $115.71. PDD shares last traded at $118.41, with a volume of 2,642,264 shares traded.
Analysts Set New Price Targets
Several brokerages have recently issued reports on PDD. Jefferies Financial Group lifted their price objective on shares of PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Citigroup raised their target price on shares of PDD from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Barclays raised their target price on shares of PDD from $164.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. JPMorgan Chase & Co. decreased their target price on shares of PDD from $195.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, March 21st. Finally, Benchmark raised their target price on shares of PDD from $215.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, PDD has an average rating of “Moderate Buy” and a consensus target price of $146.85.
Read Our Latest Stock Report on PDD
PDD Stock Performance
Institutional Trading of PDD
Institutional investors have recently added to or reduced their stakes in the business. Captrust Financial Advisors lifted its stake in PDD by 108.5% in the first quarter. Captrust Financial Advisors now owns 636 shares of the company’s stock valued at $26,000 after acquiring an additional 331 shares during the last quarter. SRS Capital Advisors Inc. raised its position in shares of PDD by 294.4% in the third quarter. SRS Capital Advisors Inc. now owns 280 shares of the company’s stock valued at $27,000 after purchasing an additional 209 shares during the period. Altshuler Shaham Ltd bought a new position in shares of PDD in the fourth quarter valued at approximately $43,000. Turim 21 Investimentos Ltda. bought a new position in shares of PDD in the third quarter valued at approximately $55,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of PDD in the fourth quarter valued at approximately $59,000. 29.07% of the stock is currently owned by institutional investors and hedge funds.
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.
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