PDD (NASDAQ:PDD) Shares Gap Up – What’s Next?

PDD Holdings Inc. (NASDAQ:PDD) gapped up before the market opened on Monday . The stock had previously closed at $99.89, but opened at $108.70. PDD shares last traded at $110.90, with a volume of 6,037,313 shares traded.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PDD shares. Citigroup lowered PDD from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. Benchmark reduced their price objective on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Finally, Nomura Securities raised shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, PDD currently has an average rating of “Moderate Buy” and an average price target of $173.40.

PDD Price Performance

The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The company’s fifty day moving average price is $120.76 and its 200 day moving average price is $126.29. The company has a market capitalization of $143.76 billion, a P/E ratio of 10.20, a PEG ratio of 0.29 and a beta of 0.67.

Hedge Funds Weigh In On PDD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gordian Capital Singapore Pte Ltd raised its position in shares of PDD by 1,218.9% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock valued at $942,000 after buying an additional 6,460 shares in the last quarter. TB Alternative Assets Ltd. lifted its stake in PDD by 33.7% during the third quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock worth $23,342,000 after purchasing an additional 43,648 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of PDD by 13.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after purchasing an additional 27,567 shares in the last quarter. Jupiter Asset Management Ltd. boosted its holdings in shares of PDD by 63.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock valued at $30,700,000 after purchasing an additional 89,853 shares in the last quarter. Finally, BOCHK Asset Management Ltd boosted its holdings in shares of PDD by 3,391.7% in the 3rd quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock valued at $5,649,000 after purchasing an additional 40,700 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Company Profile

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.