Wall Street Zen Downgrades PDD (NASDAQ:PDD) to Hold

PDD (NASDAQ:PDD) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Other equities research analysts have also recently issued reports about the company. Sanford C. Bernstein set a $135.00 price target on PDD in a report on Tuesday, November 18th. Bank of America cut their price target on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a report on Wednesday, November 19th. Arete Research set a $130.00 price objective on shares of PDD in a report on Tuesday, December 9th. Arete cut shares of PDD from a “buy” rating to a “neutral” rating and set a $130.00 price objective for the company. in a research report on Tuesday, December 9th. Finally, Zacks Research lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Five investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $136.43.

PDD Trading Up 2.1%

NASDAQ PDD opened at $115.75 on Friday. PDD has a 1-year low of $87.11 and a 1-year high of $139.41. The company has a 50 day moving average of $120.93 and a 200-day moving average of $120.00. The firm has a market cap of $161.14 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 1.08 and a beta of 0.02.

Institutional Investors Weigh In On PDD

Institutional investors have recently modified their holdings of the business. TB Alternative Assets Ltd. grew its stake in shares of PDD by 62.5% during the third quarter. TB Alternative Assets Ltd. now owns 345,888 shares of the company’s stock worth $45,716,000 after purchasing an additional 133,000 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in PDD by 20.3% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 59,439 shares of the company’s stock worth $6,221,000 after buying an additional 10,036 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in PDD by 53.4% during the second quarter. Assenagon Asset Management S.A. now owns 7,394,211 shares of the company’s stock worth $773,878,000 after buying an additional 2,573,065 shares during the last quarter. Nomura Holdings Inc. grew its holdings in PDD by 67.1% during the second quarter. Nomura Holdings Inc. now owns 173,637 shares of the company’s stock valued at $18,173,000 after purchasing an additional 69,728 shares during the period. Finally, Freemont Capital Pte Ltd grew its holdings in shares of PDD by 19.2% in the 2nd quarter. Freemont Capital Pte Ltd now owns 31,000 shares of the company’s stock valued at $3,244,000 after buying an additional 5,000 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Company Profile

PDD (NASDAQ: PDD) is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.