PDD (NASDAQ:PDD) Stock Rating Lowered by Arete

PDD (NASDAQ:PDD) was downgraded by equities research analysts at Arete from a “buy” rating to a “neutral” rating in a research note issued on Tuesday. They presently have a $130.00 price target on the stock. Arete’s target price would indicate a potential upside of 10.98% from the company’s current price.

PDD has been the topic of a number of other research reports. Arete Research set a $130.00 target price on PDD in a report on Tuesday. Zacks Research lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Bank of America reduced their price target on PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 19th. Wall Street Zen raised PDD from a “hold” rating to a “buy” rating in a research report on Saturday, November 22nd. Finally, Macquarie set a $165.00 target price on shares of PDD and gave the company an “outperform” rating in a report on Monday, August 25th. Five equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat, PDD presently has an average rating of “Hold” and an average price target of $136.43.

PDD Stock Down 0.4%

Shares of PDD traded down $0.48 during trading hours on Tuesday, reaching $117.14. 4,801,159 shares of the company traded hands, compared to its average volume of 8,769,624. PDD has a 12 month low of $87.11 and a 12 month high of $139.41. The company’s fifty day moving average price is $128.08 and its two-hundred day moving average price is $118.69. The company has a market capitalization of $163.08 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 1.39 and a beta of 0.08.

Institutional Investors Weigh In On PDD

Several hedge funds have recently added to or reduced their stakes in the stock. Swiss Life Asset Management Ltd increased its holdings in shares of PDD by 33.9% during the third quarter. Swiss Life Asset Management Ltd now owns 70,223 shares of the company’s stock valued at $9,281,000 after acquiring an additional 17,773 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in PDD in the 3rd quarter worth about $3,232,000. Yunqi Capital Ltd grew its position in PDD by 37.9% during the 3rd quarter. Yunqi Capital Ltd now owns 144,800 shares of the company’s stock valued at $19,138,000 after purchasing an additional 39,800 shares during the last quarter. EMC Capital Management increased its stake in PDD by 100.0% during the 3rd quarter. EMC Capital Management now owns 1,000 shares of the company’s stock valued at $132,000 after purchasing an additional 500 shares in the last quarter. Finally, First Affirmative Financial Network raised its holdings in PDD by 10.8% in the third quarter. First Affirmative Financial Network now owns 2,362 shares of the company’s stock worth $312,000 after buying an additional 231 shares during the last quarter. 39.83% of the stock is owned by institutional investors.

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.