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

PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) gapped down before the market opened on Wednesday . The stock had previously closed at $96.64, but opened at $88.69. PDD shares last traded at $84.1820, with a volume of 10,496,869 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PDD shares. 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 report on Friday, April 17th. Jefferies Financial Group reaffirmed a “buy” rating on shares of PDD in a report on Wednesday. Nomura raised shares of PDD from a “neutral” rating to a “buy” rating and set a $136.00 price objective for the company in a report on Friday, March 27th. Citigroup reaffirmed a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Finally, Wall Street Zen downgraded shares of PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Six equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, PDD presently has a consensus rating of “Hold” and an average target price of $137.86.

PDD Price Performance

The firm has a market capitalization of $121.90 billion, a P/E ratio of 9.12, a P/E/G ratio of 0.89 and a beta of 0.04. The firm’s 50 day simple moving average is $99.47 and its two-hundred day simple moving average is $107.27.

Institutional Trading of PDD

Several hedge funds have recently added to or reduced their stakes in PDD. Focus Partners Wealth lifted its stake in PDD by 352.8% in the first quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock worth $1,176,000 after purchasing an additional 7,744 shares during the last quarter. Intech Investment Management LLC increased its position in shares of PDD by 2.7% in the first quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock valued at $1,762,000 after acquiring an additional 395 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of PDD by 62.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company’s stock valued at $174,000 after acquiring an additional 637 shares during the period. Cerity Partners LLC increased its position in shares of PDD by 2.0% in the second quarter. Cerity Partners LLC now owns 19,696 shares of the company’s stock valued at $2,061,000 after acquiring an additional 382 shares during the period. Finally, CIBC Asset Management Inc increased its position in shares of PDD by 0.3% in the second quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock valued at $14,914,000 after acquiring an additional 369 shares during the period. 39.83% of the stock is owned by institutional investors.

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.