PDD (NASDAQ:PDD) Trading Down 5.8% on Analyst Downgrade

PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)’s share price fell 5.8% during trading on Tuesday after Bank of America lowered their price target on the stock from $141.00 to $140.00. Bank of America currently has a neutral rating on the stock. PDD traded as low as $121.66 and last traded at $121.5430. 5,461,744 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 8,811,332 shares. The stock had previously closed at $129.04.

A number of other equities analysts have also weighed in on PDD. Jefferies Financial Group set a $146.00 target price on PDD and gave the stock a “buy” rating in a research report on Monday, August 25th. Barclays lifted their price target on shares of PDD from $158.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 26th. Benchmark restated a “buy” rating and set a $160.00 price objective (up previously from $128.00) on shares of PDD in a research report on Tuesday, August 26th. Sanford C. Bernstein set a $135.00 target price on shares of PDD in a research report on Tuesday. Finally, Macquarie set a $165.00 target price on shares of PDD and gave the company an “outperform” rating in a research note on Monday, August 25th. Five analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $137.50.

Institutional Trading of PDD

Hedge funds have recently bought and sold shares of the stock. EMC Capital Management raised its stake in shares of PDD by 100.0% in the third quarter. EMC Capital Management now owns 1,000 shares of the company’s stock worth $132,000 after buying an additional 500 shares during the period. First Affirmative Financial Network boosted its position in shares of 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 purchasing an additional 231 shares during the period. Danske Bank A S bought a new stake in shares of PDD during the 3rd quarter valued at $14,236,000. Advisory Services Network LLC lifted its stake in shares of PDD by 0.7% during the 3rd quarter. Advisory Services Network LLC now owns 15,458 shares of the company’s stock valued at $2,043,000 after buying an additional 102 shares in the last quarter. Finally, Johns Hopkins University bought a new position in PDD in the 3rd quarter worth $1,862,000. Institutional investors own 39.83% of the company’s stock.

PDD Stock Down 4.3%

The stock has a fifty day simple moving average of $131.62 and a 200 day simple moving average of $118.60. The firm has a market capitalization of $157.22 billion, a P/E ratio of 11.79, a PEG ratio of 1.39 and a beta of 0.47.

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.