PDD (NASDAQ:PDD) Shares Down 5.9% – What’s Next?

PDD Holdings Inc. (NASDAQ:PDD)’s stock price traded down 5.9% on Monday . The company traded as low as $104.80 and last traded at $105.31. 11,326,403 shares were traded during mid-day trading, an increase of 48% from the average session volume of 7,649,852 shares. The stock had previously closed at $111.91.

Analyst Upgrades and Downgrades

PDD has been the topic of a number of analyst reports. Benchmark decreased their target price on shares of PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Jefferies Financial Group dropped their target price on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Stock Down 6.0 %

The stock has a fifty day moving average price of $101.66 and a 200-day moving average price of $115.10. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The firm has a market cap of $144.80 billion, a PE ratio of 10.28, a PEG ratio of 0.29 and a beta of 0.66.

Hedge Funds Weigh In On PDD

A number of hedge funds have recently made changes to their positions in PDD. Baillie Gifford & Co. raised its position in PDD by 5.4% in the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after purchasing an additional 1,942,891 shares during the period. FMR LLC grew its stake in shares of PDD by 8.6% in the third quarter. FMR LLC now owns 20,930,161 shares of the company’s stock valued at $2,821,595,000 after buying an additional 1,654,764 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of PDD by 1,374.3% during 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 buying an additional 12,253,589 shares during the period. Geode Capital Management LLC boosted its holdings in PDD by 12.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock worth $627,104,000 after acquiring an additional 513,248 shares during the period. Finally, H&H International Investment LLC boosted its holdings in PDD by 3,693.8% in the 3rd quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock worth $526,784,000 after acquiring an additional 3,804,600 shares during the period. Hedge funds and other 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.