PDD (NASDAQ:PDD) Shares Gap Down Following Analyst Downgrade

PDD Holdings Inc. (NASDAQ:PDD - Get Free Report)'s share price gapped down before the market opened on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $125.00 to $105.00. The stock had previously closed at $119.24, but opened at $98.22. JPMorgan Chase & Co. currently has a neutral rating on the stock. PDD shares last traded at $98.94, with a volume of 17,212,934 shares trading hands.

PDD has been the subject of a number of other reports. Benchmark lowered their price objective on shares of PDD from $160.00 to $128.00 and set a "buy" rating for the company in a report on Wednesday. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $127.00 to $165.00 in a report on Monday, May 12th. Nomura Securities lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $112.00 price objective on shares of PDD in a research note on Wednesday. Finally, Nomura restated a "neutral" rating and set a $130.00 price objective (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $144.55.

Institutional Trading of PDD

A number of institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. boosted its stake in PDD by 5.2% in the 1st quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company's stock worth $4,739,595,000 after purchasing an additional 1,987,935 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in PDD by 9,469.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company's stock worth $4,695,948,000 after purchasing an additional 39,263,851 shares in the last quarter. Vanguard Group Inc. boosted its stake in PDD by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 29,079,476 shares of the company's stock worth $3,441,556,000 after purchasing an additional 416,867 shares in the last quarter. FMR LLC boosted its stake 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 in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its stake in PDD by 4,562.1% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock worth $1,706,527,000 after purchasing an additional 14,110,042 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Performance

The firm's 50 day simple moving average is $108.09 and its 200 day simple moving average is $109.04. The firm has a market capitalization of $138.22 billion, a price-to-earnings ratio of 9.73, a PEG ratio of 0.32 and a beta of 0.57. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

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.