PDD (NASDAQ:PDD) Stock Price Down 3.1% – What’s Next?

Shares of PDD Holdings Inc. (NASDAQ:PDD) fell 3.1% during trading on Wednesday . The stock traded as low as $118.02 and last traded at $118.36. 1,993,260 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 8,849,255 shares. The stock had previously closed at $122.19.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PDD shares. Jefferies Financial Group dropped their price objective on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Citigroup reissued a “neutral” rating on shares of PDD in a report on Thursday, March 20th. Nomura Securities lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. Nomura reiterated a “neutral” rating and issued a $130.00 target price (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. raised their price target on PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $169.91.

PDD Stock Down 2.6 %

The firm’s 50-day simple moving average is $118.77 and its 200 day simple moving average is $114.81. 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 company has a market cap of $163.70 billion, a P/E ratio of 11.62, a PEG ratio of 0.32 and a beta of 0.69.

Hedge Funds Weigh In On PDD

Institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC acquired a new stake in shares of PDD in the 4th quarter valued at about $39,000. Brooklyn Investment Group raised its position in PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after buying an additional 405 shares during the last quarter. Global Retirement Partners LLC lifted its stake in PDD by 939.6% in the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after acquiring an additional 498 shares in the last quarter. Farther Finance Advisors LLC boosted its position in PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after acquiring an additional 132 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of PDD by 43.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock worth $80,000 after acquiring an additional 249 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.