PDD (NASDAQ:PDD) Rating Increased to Buy at Arete Research

Key Points

• Arete Research upgraded PDD to a "Buy", raising its price target to $121.00 — implying about a 14.1% upside from the prior close.
• Analyst coverage is mixed: six analysts rate PDD a Buy and nine a Hold, leaving PDD with an overall average rating of "Hold" and a consensus target price of $139.67.
• PDD recently traded at $106.05 with a market cap of $147.63 billion, a P/E of 11.29, and a 52‑week range of $92.68 to $139.41, while its 50‑ and 200‑day moving averages sit at $102.03 and $113.80 respectively.

PDD (NASDAQ:PDD - Get Free Report) was upgraded by analysts at Arete Research from a "neutral" rating to a "buy" rating in a research note issued on Friday, Marketbeat reports. The brokerage currently has a $121.00 price target on the stock. Arete Research's target price points to a potential upside of 14.10% from the company's previous close.

Other analysts have also issued research reports about the stock. Wall Street Zen lowered shares of PDD from a "buy" rating to a "hold" rating in a research report on Saturday, January 31st. Loop Capital set a $170.00 target price on PDD in a report on Tuesday, January 6th. Morgan Stanley set a $148.00 target price on PDD in a report on Thursday, January 15th. Citigroup reiterated a "neutral" rating on shares of PDD in a report on Wednesday, January 28th. Finally, Nomura raised PDD from a "neutral" rating to a "buy" rating and set a $136.00 price objective for the company in a research note on Friday, March 27th. Six investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, PDD currently has an average rating of "Hold" and a consensus target price of $139.67.

PDD Price Performance

PDD stock traded up $2.34 during midday trading on Friday, hitting $106.05. The company's stock had a trading volume of 3,066,745 shares, compared to its average volume of 7,973,396. The company's fifty day moving average price is $102.03 and its 200 day moving average price is $113.80. The stock has a market capitalization of $147.63 billion, a P/E ratio of 11.29, a PEG ratio of 0.96 and a beta of 0.07. PDD has a twelve month low of $92.68 and a twelve month high of $139.41.

Hedge Funds Weigh In On PDD

A number of large investors have recently added to or reduced their stakes in PDD. Vanguard Group Inc. increased its position in shares of PDD by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 32,810,630 shares of the company's stock valued at $3,720,397,000 after acquiring an additional 425,908 shares during the period. Norges Bank bought a new position in shares of PDD during the fourth quarter valued at approximately $1,065,446,000. Geode Capital Management LLC raised its position in shares of PDD by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company's stock worth $761,720,000 after purchasing an additional 359,921 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of PDD by 305.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company's stock valued at $762,991,000 after acquiring an additional 5,070,827 shares in the last quarter. Finally, Krane Funds Advisors LLC lifted its holdings in shares of PDD by 4.2% during the fourth quarter. Krane Funds Advisors LLC now owns 6,397,960 shares of the company's stock valued at $725,465,000 after purchasing an additional 258,888 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

About PDD

PDD NASDAQ: PDD is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.

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