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

PDD Holdings Inc. (NASDAQ:PDD) gapped down prior to trading on Wednesday . The stock had previously closed at $114.05, but opened at $108.99. PDD shares last traded at $111.95, with a volume of 3,720,929 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have issued reports on PDD. Benchmark cut 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. Jefferies Financial Group cut their target price on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and cut their target price for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, PDD has an average rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Trading Down 3.3 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The business’s 50 day moving average is $102.04 and its 200 day moving average is $114.78. The stock has a market cap of $151.77 billion, a price-to-earnings ratio of 10.76, a P/E/G ratio of 0.29 and a beta of 0.66.

Institutional Investors Weigh In On PDD

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Prime Capital Investment Advisors LLC lifted its stake in PDD by 5.2% in the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock valued at $244,000 after buying an additional 89 shares during the last quarter. New York Life Investment Management LLC grew its holdings in PDD by 5.8% during the fourth quarter. New York Life Investment Management LLC now owns 2,528 shares of the company’s stock worth $245,000 after acquiring an additional 139 shares during the period. OneDigital Investment Advisors LLC grew its holdings in PDD by 6.8% in the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock valued at $354,000 after purchasing an additional 166 shares during the last quarter. CWM LLC grew its holdings in PDD by 19.3% in the third quarter. CWM LLC now owns 1,046 shares of the company’s stock valued at $141,000 after purchasing an additional 169 shares during the last quarter. Finally, Avior Wealth Management LLC grew its holdings in PDD by 50.9% in the third quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock valued at $68,000 after purchasing an additional 169 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Company Profile

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.