PDD (NASDAQ:PDD) Sees Strong Trading Volume – Here’s What Happened

Shares of PDD Holdings Inc. (NASDAQ:PDD) saw unusually-strong trading volume on Monday . Approximately 3,412,882 shares were traded during mid-day trading, a decline of 20% from the previous session’s volume of 4,290,248 shares.The stock last traded at $101.79 and had previously closed at $96.82.

Analyst Ratings Changes

A number of research firms have weighed in on PDD. Jefferies Financial Group reduced 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 reduced 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 lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and upped their price target for the company from $126.00 to $224.00 in a research report on Monday, October 7th. Finally, JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, PDD has an average rating of “Moderate Buy” and an average price target of $173.40.

PDD Stock Up 2.2 %

The stock has a market cap of $136.12 billion, a price-to-earnings ratio of 9.66, a price-to-earnings-growth ratio of 0.29 and a beta of 0.66. The firm’s fifty day moving average price is $106.90 and its two-hundred day moving average price is $119.76. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

Institutional Investors Weigh In On PDD

Several hedge funds and other institutional investors have recently modified their holdings of the company. Gordian Capital Singapore Pte Ltd raised its holdings in shares of PDD by 1,218.9% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock worth $942,000 after acquiring an additional 6,460 shares during the last quarter. Lord Abbett & CO. LLC raised 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 worth $5,155,000 after purchasing an additional 14,905 shares during the last quarter. TB Alternative Assets Ltd. lifted its holdings 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 purchasing an additional 43,648 shares in the last quarter. Vontobel Holding Ltd. boosted its position in shares of PDD by 13.3% during the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after buying an additional 27,567 shares during the last quarter. Finally, Jupiter Asset Management Ltd. grew its holdings in PDD by 63.7% during the second quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock worth $30,700,000 after buying an additional 89,853 shares in 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.