PDD (NASDAQ:PDD) Upgraded to Buy at Citigroup

PDD (NASDAQ:PDD - Get Free Report) was upgraded by stock analysts at Citigroup from a "neutral" rating to a "buy" rating in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage presently has a $165.00 price target on the stock, up from their prior price target of $127.00. Citigroup's price target suggests a potential upside of 42.00% from the company's previous close.

A number of other brokerages also recently commented on PDD. JPMorgan Chase & Co. upped their price objective on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Nomura reaffirmed a "neutral" rating and issued a $130.00 price target (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Benchmark reissued a "buy" rating and issued a $160.00 target price on shares of PDD in a research report on Friday, March 21st. Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Finally, Jefferies Financial Group lowered their target price on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, PDD has an average rating of "Moderate Buy" and an average target price of $174.00.

PDD Stock Down 2.3%

PDD traded down $2.70 during trading on Monday, hitting $116.20. The company had a trading volume of 2,850,512 shares, compared to its average volume of 11,151,528. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. PDD has a 1-year low of $87.11 and a 1-year high of $164.69. The business has a 50-day moving average of $109.80 and a 200-day moving average of $109.55. The company has a market cap of $159.87 billion, a PE ratio of 11.35, a P/E/G ratio of 0.32 and a beta of 0.57.

Institutional Investors Weigh In On PDD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PDD. Headwater Capital Co Ltd acquired a new position in shares of PDD during the fourth quarter valued at $9,699,000. Carolina Wealth Advisors LLC lifted its stake in PDD by 347.1% in the 4th quarter. Carolina Wealth Advisors LLC now owns 2,173 shares of the company's stock valued at $211,000 after acquiring an additional 1,687 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in PDD by 5.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,430 shares of the company's stock worth $721,000 after purchasing an additional 400 shares during the last quarter. Sicart Associates LLC lifted its holdings in PDD by 8.2% during the 4th quarter. Sicart Associates LLC now owns 10,116 shares of the company's stock valued at $981,000 after purchasing an additional 767 shares during the last quarter. Finally, Ritholtz Wealth Management boosted its holdings in shares of PDD by 3.1% during the 4th quarter. Ritholtz Wealth Management now owns 13,894 shares of the company's stock worth $1,348,000 after buying an additional 414 shares during the period. Institutional investors and hedge funds 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.