PDD (NASDAQ:PDD) Stock Price Down 5.5% Following Analyst Downgrade

PDD Holdings Inc. (NASDAQ:PDD)’s share price dropped 5.5% during trading on Friday after Jefferies Financial Group lowered their price target on the stock from $171.00 to $156.00. Jefferies Financial Group currently has a buy rating on the stock. PDD traded as low as $123.54 and last traded at $123.69. Approximately 3,888,119 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 10,440,885 shares. The stock had previously closed at $130.92.

Several other equities analysts have also recently issued reports on PDD. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, Benchmark dropped their price target on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Four analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $169.91.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its stake in shares of PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock worth $3,691,376,000 after purchasing an additional 1,942,891 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of PDD by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock worth $2,779,986,000 after acquiring an additional 268,662 shares in the last quarter. FMR LLC increased its holdings in PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company’s stock valued at $2,483,253,000 after buying an additional 4,673,022 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in PDD by 1,374.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after buying an additional 12,253,589 shares during the last quarter. Finally, Norges Bank bought a new stake in PDD in the fourth quarter valued at about $812,246,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Price Performance

The company has a market capitalization of $174.24 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. The company has a fifty day moving average price of $115.75 and a 200 day moving average price of $113.13. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

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.