PDD (NASDAQ:PDD) Earns “Hold (C+)” Rating from Weiss Ratings

PDD (NASDAQ:PDD)‘s stock had its “hold (c+)” rating restated by research analysts at Weiss Ratings in a research report issued on Saturday,Weiss Ratings reports.

Several other equities research analysts have also recently weighed in on PDD. Zacks Research raised shares of PDD from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 29th. Barclays upped their price target on shares of PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, August 26th. New Street Research lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $120.00 price target on the stock. in a research note on Tuesday, August 26th. Bank of America increased their price objective on shares of PDD from $120.00 to $141.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 26th. Finally, Jefferies Financial Group set a $146.00 price target on shares of PDD and gave the stock a “buy” rating in a report on Monday, August 25th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, PDD presently has a consensus rating of “Hold” and an average target price of $137.82.

PDD Trading Up 0.5%

PDD stock opened at $133.96 on Friday. PDD has a 12 month low of $87.11 and a 12 month high of $136.84. The company has a 50-day moving average price of $127.77 and a 200 day moving average price of $114.02. The stock has a market cap of $186.49 billion, a PE ratio of 14.53, a P/E/G ratio of 1.58 and a beta of 0.40.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its holdings in PDD by 5.2% during the first quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company’s stock worth $4,739,595,000 after purchasing an additional 1,987,935 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of PDD by 10.2% during the 2nd quarter. Vanguard Group Inc. now owns 32,035,725 shares of the company’s stock worth $3,352,859,000 after purchasing an additional 2,956,249 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of PDD by 4,562.1% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company’s stock worth $1,706,527,000 after buying an additional 14,110,042 shares in the last quarter. Norges Bank purchased a new stake in shares of PDD in the 2nd quarter worth about $962,785,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of PDD by 899.2% in the 1st 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 buying an additional 8,086,620 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.