PDD (NASDAQ:PDD) Upgraded by Citigroup to Buy Rating

PDD (NASDAQ:PDD) was upgraded by equities researchers at Citigroup from a “neutral” rating to a “buy” rating in a report released on Monday,Benzinga reports. The brokerage presently has a $165.00 price objective on the stock, up from their previous price objective of $127.00. Citigroup’s target price would indicate a potential upside of 41.78% from the company’s current price.

A number of other research analysts also recently weighed in on PDD. Benchmark restated a “buy” rating and issued a $160.00 price target on shares of PDD in a research note on Friday, March 21st. Jefferies Financial Group lowered their target price on PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. JPMorgan Chase & Co. increased their price objective on PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Nomura reissued a “neutral” rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Finally, Nomura Securities cut shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $174.00.

PDD Trading Up 6.1%

Shares of PDD traded up $6.73 during trading hours on Monday, reaching $116.38. The stock had a trading volume of 12,597,288 shares, compared to its average volume of 11,169,927. PDD has a 52 week low of $87.11 and a 52 week high of $164.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market cap of $160.12 billion, a P/E ratio of 11.37, a P/E/G ratio of 0.32 and a beta of 0.57. The firm has a 50-day moving average of $109.90 and a 200 day moving average of $109.46.

Institutional Investors Weigh In On PDD

A number of institutional investors have recently modified their holdings of PDD. Headwater Capital Co Ltd purchased a new position in PDD in the fourth quarter worth about $9,699,000. Carolina Wealth Advisors LLC boosted its stake in PDD by 347.1% during the 4th quarter. Carolina Wealth Advisors LLC now owns 2,173 shares of the company’s stock valued at $211,000 after purchasing an additional 1,687 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of PDD by 5.7% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,430 shares of the company’s stock worth $721,000 after purchasing an additional 400 shares during the last quarter. Sicart Associates LLC raised its holdings in shares of PDD by 8.2% during the fourth quarter. Sicart Associates LLC now owns 10,116 shares of the company’s stock valued at $981,000 after purchasing an additional 767 shares during the last quarter. Finally, Ritholtz Wealth Management grew its stake in shares of PDD by 3.1% during the 4th quarter. Ritholtz Wealth Management now owns 13,894 shares of the company’s stock valued at $1,348,000 after purchasing an additional 414 shares during the period. 39.83% of the stock is owned by hedge funds and other institutional investors.

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.