PDD (NASDAQ:PDD) Shares Down 3.8% – Should You Sell?

PDD Holdings Inc. (NASDAQ:PDD) dropped 3.8% during trading on Friday . The stock traded as low as $100.55 and last traded at $100.65. Approximately 1,491,987 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 10,685,932 shares. The stock had previously closed at $104.66.

Analyst Ratings Changes

PDD has been the subject of several recent analyst reports. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Jefferies Financial Group reduced their price objective on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Sanford C. Bernstein reduced their price objective on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, PDD currently has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Trading Down 2.3 %

The business’s fifty day moving average price is $116.95 and its 200 day moving average price is $125.06. The firm has a market capitalization of $140.71 billion, a PE ratio of 9.99, a P/E/G ratio of 0.30 and a beta of 0.66. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On PDD

Institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. bought a new stake in PDD in the 2nd quarter valued at $210,000. Blue Trust Inc. increased its holdings in PDD by 48.3% in the 2nd quarter. Blue Trust Inc. now owns 2,355 shares of the company’s stock valued at $313,000 after buying an additional 767 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in PDD by 3.5% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 12,155 shares of the company’s stock valued at $1,616,000 after buying an additional 415 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in PDD by 20.9% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 6,299 shares of the company’s stock valued at $837,000 after buying an additional 1,091 shares during the period. Finally, Ninety One UK Ltd increased its holdings in PDD by 0.7% in the 2nd quarter. Ninety One UK Ltd now owns 1,030,354 shares of the company’s stock valued at $136,986,000 after buying an additional 7,368 shares during the period. Institutional investors own 39.83% of the company’s stock.

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.