PDD Holdings Inc. (NASDAQ:PDD) Receives Average Recommendation of "Moderate Buy" from Brokerages

Shares of PDD Holdings Inc. (NASDAQ:PDD - Get Free Report) have received an average rating of "Moderate Buy" from the fourteen ratings firms that are currently covering the stock, MarketBeat.com reports. Seven research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $144.55.

Several research firms have recently weighed in on PDD. Benchmark decreased their price target on shares of PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Jefferies Financial Group set a $121.00 target price on PDD and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Citigroup upgraded PDD from a "neutral" rating to a "buy" rating and upped their target price for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Barclays lowered PDD from a "strong-buy" rating to a "hold" rating in a research note on Sunday, June 1st. Finally, Nomura Securities downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st.

PDD Price Performance

PDD stock traded up $1.27 during midday trading on Tuesday, reaching $100.60. 5,472,020 shares of the stock were exchanged, compared to its average volume of 11,082,557. The company's fifty day moving average is $105.08 and its 200-day moving average is $108.35. 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 $140.05 billion, a PE ratio of 9.82, a PEG ratio of 0.32 and a beta of 0.57. PDD has a 52 week low of $87.11 and a 52 week high of $155.67.

Hedge Funds Weigh In On PDD

A number of large investors have recently modified their holdings of PDD. Renaissance Technologies LLC grew its position in PDD by 56.3% during the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock valued at $91,898,000 after acquiring an additional 341,300 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock worth $3,691,376,000 after acquiring an additional 1,942,891 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of PDD in the 4th quarter worth approximately $4,685,000. Alberta Investment Management Corp raised its position in PDD by 12.6% in the 4th quarter. Alberta Investment Management Corp now owns 190,060 shares of the company's stock worth $18,434,000 after purchasing an additional 21,302 shares during the period. Finally, FMR LLC raised its position in PDD by 22.3% in the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after purchasing an additional 4,673,022 shares during the period. 39.83% of the stock is owned by hedge funds and other 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.