PDD (NASDAQ:PDD) Rating Lowered to “Hold” at Wall Street Zen

PDD (NASDAQ:PDD) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other research analysts also recently commented on the company. Sanford C. Bernstein set a $135.00 price target on PDD in a research report on Tuesday, November 18th. Loop Capital set a $170.00 target price on shares of PDD in a research report on Tuesday, January 6th. Citigroup reiterated a “neutral” rating on shares of PDD in a research note on Wednesday. Bank of America decreased their price target on shares of PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 19th. Finally, Morgan Stanley set a $148.00 price objective on shares of PDD in a report on Thursday, January 15th. Four investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, PDD has an average rating of “Hold” and an average price target of $139.87.

PDD Trading Down 1.6%

NASDAQ:PDD opened at $101.05 on Friday. PDD has a 1 year low of $87.11 and a 1 year high of $139.41. The firm’s fifty day simple moving average is $112.45 and its 200 day simple moving average is $120.82. The firm has a market capitalization of $140.68 billion and a PE ratio of 10.55.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PDD. Focus Partners Wealth grew its stake in shares of PDD by 352.8% in the 1st quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock valued at $1,176,000 after purchasing an additional 7,744 shares during the period. Intech Investment Management LLC boosted its stake in PDD by 2.7% in the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock valued at $1,762,000 after buying an additional 395 shares in the last quarter. Ameritas Advisory Services LLC acquired a new stake in PDD in the 2nd quarter valued at $28,000. Checchi Capital Advisers LLC grew its position in PDD by 7.3% in the second quarter. Checchi Capital Advisers LLC now owns 4,131 shares of the company’s stock valued at $432,000 after acquiring an additional 280 shares during the period. Finally, Valeo Financial Advisors LLC acquired a new position in PDD during the second quarter worth $136,000. Institutional investors 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.