PDD Holdings Inc. (NASDAQ:PDD) Given Average Recommendation of “Moderate Buy” by Analysts

PDD Holdings Inc. (NASDAQ:PDD) has been assigned an average recommendation of “Moderate Buy” from the fourteen research firms that are covering the firm, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $144.55.

Several research analysts have recently weighed in on PDD shares. JPMorgan Chase & Co. lowered their price objective on shares of PDD from $125.00 to $105.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 28th. China Renaissance reaffirmed a “hold” rating and set a $107.00 target price on shares of PDD in a report on Wednesday, May 28th. Citigroup raised shares of PDD from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. Jefferies Financial Group set a $121.00 price objective on PDD and gave the company a “buy” rating in a research note on Tuesday, May 27th. Finally, Benchmark reduced their price objective on PDD from $160.00 to $128.00 and set a “buy” rating on the stock in a research report on Wednesday, May 28th.

Hedge Funds Weigh In On PDD

Several institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of PDD by 9,469.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company’s stock valued at $4,695,948,000 after acquiring an additional 39,263,851 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of PDD by 4,562.1% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company’s stock valued at $1,706,527,000 after acquiring an additional 14,110,042 shares during the period. Norges Bank bought a new position in shares of PDD during the 4th quarter worth $812,246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of PDD by 899.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company’s stock worth $1,063,489,000 after purchasing an additional 8,086,620 shares in the last quarter. Finally, Sanders Capital LLC purchased a new stake in shares of PDD during the fourth quarter worth $499,972,000. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Up 1.0%

Shares of PDD stock opened at $101.62 on Tuesday. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm’s fifty day moving average price is $104.30 and its two-hundred day moving average price is $108.22. The firm has a market capitalization of $141.47 billion, a P/E ratio of 9.92, a PEG ratio of 0.32 and a beta of 0.42. PDD has a 1 year low of $87.11 and a 1 year high of $155.67.

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.