PDD (NASDAQ:PDD) Sees Large Volume Increase – What’s Next?

PDD Holdings Inc. (NASDAQ:PDD) saw unusually-strong trading volume on Monday . Approximately 3,412,882 shares were traded during trading, a decline of 20% from the previous session’s volume of 4,290,248 shares.The stock last traded at $101.79 and had previously closed at $96.82.

Analyst Ratings Changes

A number of analysts recently issued reports on PDD shares. 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. Benchmark decreased their price objective on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. JPMorgan Chase & Co. lowered 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 research note on Friday, November 22nd. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Finally, Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating 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 stock. According to MarketBeat, PDD has a consensus rating of “Moderate Buy” and a consensus target price of $173.40.

PDD Stock Down 0.3 %

The stock has a fifty day moving average price of $105.87 and a 200-day moving average price of $119.14. The firm has a market cap of $138.03 billion, a PE ratio of 9.80, a PEG ratio of 0.29 and a beta of 0.66. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

Hedge Funds Weigh In On PDD

A number of hedge funds have recently made changes to their positions in the business. Prime Capital Investment Advisors LLC boosted its position in PDD by 5.2% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock worth $244,000 after purchasing an additional 89 shares during the period. Ballentine Partners LLC boosted its position in shares of PDD by 4.6% in the second quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock worth $359,000 after buying an additional 120 shares during the period. Parallel Advisors LLC grew its stake in shares of PDD by 5.3% in the second quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock valued at $324,000 after buying an additional 122 shares in the last quarter. OneDigital Investment Advisors LLC raised its holdings in shares of PDD by 6.8% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock valued at $354,000 after buying an additional 166 shares during the period. Finally, CWM LLC lifted its position in PDD by 19.3% during the 3rd quarter. CWM LLC now owns 1,046 shares of the company’s stock worth $141,000 after acquiring an additional 169 shares in the last quarter. Hedge funds and other 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.