PDD (NASDAQ:PDD) Stock Price Down 5.5% Following Analyst Downgrade

PDD Holdings Inc. (NASDAQ:PDD)’s share price fell 5.5% during mid-day trading on Friday after Jefferies Financial Group lowered their price target on the stock from $171.00 to $156.00. Jefferies Financial Group currently has a buy rating on the stock. PDD traded as low as $123.54 and last traded at $123.69. 3,888,119 shares were traded during trading, a decline of 63% from the average session volume of 10,440,885 shares. The stock had previously closed at $130.92.

Several other research firms also recently commented on PDD. Benchmark dropped their price objective on shares of 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. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PDD currently has an average rating of “Moderate Buy” and a consensus target price of $169.91.

Institutional Investors Weigh In On PDD

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Prospera Private Wealth LLC acquired a new stake in shares of PDD during the third quarter valued at about $27,000. Nisa Investment Advisors LLC purchased a new position in PDD in the fourth quarter worth approximately $39,000. Brooklyn Investment Group lifted its stake in PDD by 340.3% in the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after acquiring an additional 405 shares during the last quarter. Global Retirement Partners LLC raised its holdings in PDD by 939.6% during the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after purchasing an additional 498 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in PDD by 30.9% during the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after purchasing an additional 132 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Trading Down 3.3 %

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 business’s fifty day simple moving average is $115.75 and its two-hundred day simple moving average is $113.13. The company has a market cap of $174.24 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 0.32 and a beta of 0.69.

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.