PDD (NASDAQ:PDD) Trading Up 7% – Should You Buy?

PDD Holdings Inc. (NASDAQ:PDD)’s stock price shot up 7% during mid-day trading on Friday . The stock traded as high as $111.77 and last traded at $111.28. 9,544,151 shares were traded during mid-day trading, an increase of 32% from the average session volume of 7,228,588 shares. The stock had previously closed at $104.01.

Analysts Set New Price Targets

PDD has been the topic of several research analyst reports. Jefferies Financial Group decreased their target price on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Benchmark decreased their target price on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research 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’s stock. Based on data from MarketBeat.com, PDD presently has a consensus rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Trading Up 7.0 %

The business’s 50-day moving average price is $101.58 and its two-hundred day moving average price is $116.44. The firm has a market cap of $153.19 billion, a price-to-earnings ratio of 10.87, a price-to-earnings-growth ratio of 0.27 and a beta of 0.66. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

Hedge Funds Weigh In On PDD

Large investors have recently added to or reduced their stakes in the business. Prospera Private Wealth LLC acquired a new position in PDD in the third quarter valued at $27,000. Venturi Wealth Management LLC purchased a new position in shares of PDD in the 3rd quarter worth about $29,000. Future Financial Wealth Managment LLC acquired a new position in shares of PDD in the 3rd quarter valued at about $34,000. Nisa Investment Advisors LLC purchased a new stake in shares of PDD during the 4th quarter worth about $39,000. Finally, Brooklyn Investment Group increased its position in PDD by 340.3% during the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after purchasing an additional 405 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

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.