PDD (NASDAQ:PDD) Shares Down 4.1% – Here’s What Happened

PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)’s stock price fell 4.1% on Wednesday . The company traded as low as $105.54 and last traded at $104.5570. 3,560,058 shares were traded during trading, a decline of 59% from the average session volume of 8,757,959 shares. The stock had previously closed at $109.02.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Sanford C. Bernstein set a $135.00 target price on PDD in a research report on Tuesday, November 18th. New Street Research downgraded shares of PDD from a “buy” rating to a “neutral” rating and set a $120.00 target price for the company. in a report on Tuesday, August 26th. Zacks Research downgraded PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Barclays boosted their price target on PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, August 26th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of PDD in a report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $136.43.

PDD Trading Down 3.4%

The company has a 50-day moving average price of $125.52 and a two-hundred day moving average price of $118.98. The stock has a market capitalization of $146.54 billion, a P/E ratio of 10.99, a price-to-earnings-growth ratio of 1.24 and a beta of 0.07.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Westside Investment Management Inc. increased its stake in shares of PDD by 398.0% during the 2nd quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock worth $26,000 after purchasing an additional 199 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in PDD in the second quarter worth $28,000. Binnacle Investments Inc lifted its position in shares of PDD by 281.7% during the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after buying an additional 200 shares during the last quarter. Wexford Capital LP purchased a new stake in PDD in the 3rd quarter worth about $44,000. Finally, EMC Capital Management purchased a new stake in PDD in the 2nd quarter worth about $52,000. Institutional investors own 39.83% of the company’s stock.

About PDD

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.