Short Interest in PDD Holdings Inc. (NASDAQ:PDD) Declines By 16.6%

PDD Holdings Inc. (NASDAQ:PDD) was the target of a large decline in short interest in the month of February. As of February 15th, there was short interest totalling 23,860,000 shares, a decline of 16.6% from the January 31st total of 28,600,000 shares. Based on an average daily volume of 9,970,000 shares, the short-interest ratio is currently 2.4 days.

Institutional Investors Weigh In On PDD

Several hedge funds have recently modified their holdings of PDD. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of PDD by 1,374.3% in the 3rd 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 purchasing an additional 12,253,589 shares during the last quarter. Norges Bank purchased a new stake in shares of PDD during the fourth quarter valued at $812,246,000. Sanders Capital LLC acquired a new position in shares of PDD in the 4th quarter valued at $499,972,000. FMR LLC increased its holdings in shares of 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 purchasing an additional 4,673,022 shares during the period. Finally, H&H International Investment LLC raised its stake in shares of PDD by 3,693.8% in the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock worth $526,784,000 after purchasing an additional 3,804,600 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Trading Down 0.7 %

PDD stock traded down $0.82 during mid-day trading on Thursday, reaching $119.39. The company had a trading volume of 5,361,555 shares, compared to its average volume of 8,796,171. The firm has a 50 day moving average of $109.79 and a 200 day moving average of $112.72. 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 has a 12 month low of $88.01 and a 12 month high of $164.69. The company has a market capitalization of $164.27 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69.

Analysts Set New Price Targets

A number of research firms recently commented on PDD. Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Jefferies Financial Group cut their price objective on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Finally, Benchmark dropped their price objective on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, PDD has a consensus rating of “Moderate Buy” and a consensus price target of $173.40.

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.