Brokerages Set PDD Holdings Inc. (NASDAQ:PDD) PT at $173.40

Shares of PDD Holdings Inc. (NASDAQ:PDD) have been assigned an average rating of “Moderate Buy” from the thirteen ratings firms that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $173.40.

A number of brokerages have recently commented on PDD. Benchmark cut their price target on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and cut their price target for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Jefferies Financial Group dropped their target price on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Finally, Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd.

PDD Stock Performance

PDD stock opened at $131.34 on Monday. The business’s 50-day moving average price is $107.12 and its two-hundred day moving average price is $113.94. 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 has a market cap of $180.71 billion, a PE ratio of 12.83, a P/E/G ratio of 0.32 and a beta of 0.67. PDD has a 1-year low of $88.01 and a 1-year high of $164.69.

Hedge Funds Weigh In On PDD

Several institutional investors and hedge funds have recently made changes to their positions in PDD. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of PDD by 1,374.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after purchasing an additional 12,253,589 shares during the last quarter. Norges Bank bought a new stake in shares of PDD in the fourth quarter valued at approximately $812,246,000. Sanders Capital LLC bought a new stake in shares of PDD in the fourth quarter valued at approximately $499,972,000. FMR LLC boosted its stake in shares of PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company’s stock valued at $2,483,253,000 after buying an additional 4,673,022 shares during the period. Finally, H&H International Investment LLC boosted its stake in shares of PDD by 3,693.8% in the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock valued at $526,784,000 after buying an additional 3,804,600 shares during the period. Institutional investors and hedge funds 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.