PDD (NASDAQ:PDD) Shares Gap Down – Here’s Why

PDD Holdings Inc. (NASDAQ:PDD)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $110.33, but opened at $105.50. PDD shares last traded at $105.48, with a volume of 2,564,505 shares.

Analysts Set New Price Targets

PDD has been the topic of a number of research reports. Bank of America decreased their target price on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Nomura Securities upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Finally, JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $173.40.

PDD Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The firm has a market capitalization of $144.44 billion, a PE ratio of 10.77, a P/E/G ratio of 0.29 and a beta of 0.67. The business’s 50 day moving average is $120.76 and its two-hundred day moving average is $126.29.

Hedge Funds Weigh In On PDD

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Oddo BHF Asset Management Sas purchased a new position in shares of PDD in the 3rd quarter worth about $653,000. Tidal Investments LLC boosted its holdings in shares of PDD by 1,019.4% in the 3rd quarter. Tidal Investments LLC now owns 71,173 shares of the company’s stock worth $9,595,000 after purchasing an additional 64,815 shares in the last quarter. Sanctuary Advisors LLC boosted its holdings in PDD by 42.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 13,306 shares of the company’s stock valued at $1,794,000 after acquiring an additional 3,943 shares during the period. TT International Asset Management LTD bought a new position in PDD during the 3rd quarter worth approximately $74,430,000. Finally, Geode Capital Management LLC grew its position in PDD by 12.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock worth $627,104,000 after acquiring an additional 513,248 shares during the last quarter. 39.83% of the stock is currently owned by hedge funds and other 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.