PDD (NASDAQ:PDD) Rating Increased to Buy at Citigroup

PDD (NASDAQ:PDD) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday,Benzinga reports. The firm presently has a $165.00 target price on the stock, up from their prior target price of $127.00. Citigroup’s price objective indicates a potential upside of 41.78% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Nomura reissued a “neutral” rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Jefferies Financial Group dropped their price target on shares of PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Nomura Securities lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 21st. JPMorgan Chase & Co. boosted their target price on PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Finally, Benchmark reiterated a “buy” rating and issued a $160.00 price target on shares of PDD in a research note on Friday, March 21st. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.00.

PDD Stock Up 6.1%

Shares of PDD traded up $6.73 during mid-day trading on Monday, hitting $116.38. 12,597,288 shares of the company traded hands, compared to its average volume of 11,169,927. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD has a 1-year low of $87.11 and a 1-year high of $164.69. The company has a market capitalization of $160.12 billion, a PE ratio of 11.37, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The business has a 50 day moving average of $109.90 and a 200 day moving average of $109.46.

Institutional Trading of PDD

Several large investors have recently modified their holdings of PDD. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of PDD by 9,469.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company’s stock worth $4,695,948,000 after purchasing an additional 39,263,851 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in PDD by 4,562.1% during the first 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 bought a new stake in PDD in the 4th quarter valued at $812,246,000. Sanders Capital LLC bought a new position in shares of PDD during the 4th quarter worth about $499,972,000. Finally, FMR LLC increased its stake in 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 acquiring an additional 4,673,022 shares during the period. 39.83% of the stock is owned by institutional investors.

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.