PDD (NASDAQ:PDD) Shares Down 4.7% on Analyst Downgrade

PDD Holdings Inc. (NASDAQ:PDD - Get Free Report)'s share price dropped 4.7% during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $125.00 to $105.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. PDD traded as low as $98.69 and last traded at $98.10. Approximately 10,712,350 shares were traded during trading, a decline of 3% from the average daily volume of 11,050,054 shares. The stock had previously closed at $102.98.

PDD has been the topic of several other research reports. China Renaissance reissued a "hold" rating and set a $107.00 price target on shares of PDD in a research report on Wednesday. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Jefferies Financial Group set a $121.00 price target on shares of PDD and gave the company a "buy" rating in a research report on Tuesday. Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and boosted their price target for the company from $127.00 to $165.00 in a research report on Monday, May 12th. Finally, Benchmark decreased their target price on shares of PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a research report on Wednesday. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, PDD presently has an average rating of "Moderate Buy" and an average target price of $144.55.

Institutional Trading of PDD

Several hedge funds have recently made changes to their positions in PDD. Nisa Investment Advisors LLC acquired a new stake in shares of PDD during the fourth quarter worth about $39,000. Blue Trust Inc. lifted its position in shares of PDD by 33.7% during the fourth quarter. Blue Trust Inc. now owns 6,132 shares of the company's stock worth $595,000 after purchasing an additional 1,547 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of PDD by 1.6% during the fourth quarter. Pacer Advisors Inc. now owns 33,287 shares of the company's stock worth $3,229,000 after purchasing an additional 531 shares in the last quarter. Synergy Asset Management LLC lifted its position in shares of PDD by 138.8% during the fourth quarter. Synergy Asset Management LLC now owns 205,740 shares of the company's stock worth $19,955,000 after purchasing an additional 119,580 shares in the last quarter. Finally, Institute for Wealth Management LLC. lifted its position in shares of PDD by 9.2% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,980 shares of the company's stock worth $289,000 after purchasing an additional 251 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Price Performance

The firm has a market cap of $134.66 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 0.32 and a beta of 0.57. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The company's 50-day moving average price is $106.92 and its 200-day moving average price is $108.79.

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.