PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD – Get Free Report) hit a new 52-week low on Friday . The stock traded as low as $93.81 and last traded at $94.9270, with a volume of 1675417 shares. The stock had previously closed at $95.58.
Analysts Set New Price Targets
A number of research analysts have recently commented on PDD shares. Citigroup restated a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective for the company in a research report on Friday, April 17th. Wall Street Zen downgraded shares of PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Nomura raised shares of PDD from a “neutral” rating to a “buy” rating and set a $136.00 price objective on the stock in a report on Friday, March 27th. Finally, Morgan Stanley set a $148.00 target price on PDD in a research report on Thursday, January 15th. Six investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, PDD has an average rating of “Hold” and a consensus target price of $137.86.
Read Our Latest Research Report on PDD
PDD Stock Down 0.3%
Hedge Funds Weigh In On PDD
Several institutional investors and hedge funds have recently modified their holdings of PDD. GAMMA Investing LLC grew its stake in shares of PDD by 595.0% during the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock worth $32,000 after purchasing an additional 238 shares during the period. Binnacle Investments Inc boosted its holdings in PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after buying an additional 200 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in PDD by 230.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock valued at $43,000 after buying an additional 263 shares in the last quarter. Wexford Capital LP acquired a new position in shares of PDD in the third quarter worth about $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of PDD during the 4th quarter valued at about $44,000. Institutional investors and hedge funds own 39.83% of the company’s stock.
About PDD
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.
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