PDD (NASDAQ:PDD) Sees Unusually-High Trading Volume on Analyst Upgrade

PDD Holdings Inc. (NASDAQ:PDD - Get Free Report) saw strong trading volume on Thursday after Citigroup raised their price target on the stock from $185.00 to $198.00. Citigroup currently has a buy rating on the stock. 8,174,820 shares traded hands during trading, a decline of 6% from the previous session's volume of 8,730,380 shares.The stock last traded at $155.20 and had previously closed at $147.09.

PDD has been the subject of several other research reports. Benchmark raised their price target on shares of PDD from $220.00 to $230.00 and gave the company a "buy" rating in a research report on Thursday. Bank of America raised their price target on shares of PDD from $191.00 to $206.00 and gave the company a "buy" rating in a research report on Thursday. Barclays lifted their target price on shares of PDD from $164.00 to $178.00 and gave the stock an "overweight" rating in a research report on Thursday, March 21st. UBS Group lifted their target price on shares of PDD from $248.00 to $272.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, The Goldman Sachs Group downgraded shares of PDD from a "buy" rating to a "neutral" rating and set a $136.00 target price for the company. in a research report on Monday, March 11th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, PDD has an average rating of "Moderate Buy" and a consensus price target of $175.08.

Hedge Funds Weigh In On PDD

Institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. acquired a new stake in PDD in the third quarter valued at approximately $285,000. Raymond James & Associates increased its holdings in PDD by 156.5% in the third quarter. Raymond James & Associates now owns 8,736 shares of the company's stock valued at $857,000 after buying an additional 5,330 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in PDD by 18.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 84,443 shares of the company's stock valued at $8,281,000 after buying an additional 12,986 shares in the last quarter. Ieq Capital LLC increased its holdings in PDD by 19.8% in the third quarter. Ieq Capital LLC now owns 5,259 shares of the company's stock valued at $516,000 after buying an additional 870 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of PDD by 8.1% during the third quarter. Victory Capital Management Inc. now owns 860,389 shares of the company's stock worth $84,378,000 after purchasing an additional 64,229 shares in the last quarter. 29.07% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Up 4.4 %

The firm has a market cap of $211.37 billion, a PE ratio of 26.81, a PEG ratio of 0.38 and a beta of 0.67. The business's 50 day moving average price is $127.04 and its 200 day moving average price is $130.83. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.93 and a quick ratio of 1.93.

PDD (NASDAQ:PDD - Get Free Report) last posted its earnings results on Wednesday, March 20th. The company reported $2.23 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.81. The company had revenue of $12.52 billion for the quarter, compared to analyst estimates of $11.80 billion. PDD had a net margin of 24.23% and a return on equity of 39.10%. On average, equities research analysts expect that PDD Holdings Inc. will post 7.85 earnings per share for the current year.

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.