PDD (NASDAQ:PDD) Sees Strong Trading Volume – Should You Buy?

PDD Holdings Inc. (NASDAQ:PDD) shares saw unusually-high trading volume on Monday . Approximately 3,412,882 shares traded hands during 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 Upgrades and Downgrades

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

PDD Price Performance

The stock has a market capitalization of $138.03 billion, a P/E ratio of 9.80, a PEG ratio of 0.29 and a beta of 0.66. The company has a 50 day moving average of $105.87 and a 200-day moving average of $119.14. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PDD. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in 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 purchasing an additional 12,253,589 shares during the period. H&H International Investment LLC grew its position in shares of PDD by 3,693.8% during the third 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 last quarter. Tairen Capital Ltd increased its holdings in shares of PDD by 49.8% in the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after acquiring an additional 1,788,076 shares during the period. FMR LLC increased its holdings in shares of PDD by 8.6% in the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after acquiring an additional 1,654,764 shares during the period. Finally, Dragoneer Investment Group LLC lifted its position in PDD by 142.6% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company’s stock valued at $348,440,000 after purchasing an additional 1,540,346 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

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.