PDD Holdings Inc. (NASDAQ:PDD – Get Free Report)’s stock price shot up 8.4% during mid-day trading on Tuesday . The stock traded as high as $113.19 and last traded at $114.06. 3,651,637 shares were traded during mid-day trading, a decline of 52% from the average session volume of 7,607,307 shares. The stock had previously closed at $105.24.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on PDD. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $126.00 to $224.00 in a research report on Monday, October 7th. Jefferies Financial Group cut their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and cut their price target for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Finally, Benchmark cut their price target on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $173.40.
View Our Latest Stock Report on PDD
PDD Trading Up 8.6 %
Institutional Investors Weigh In On PDD
A number of institutional investors have recently made changes to their positions in the company. Baillie Gifford & Co. grew its holdings in shares of PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after buying an additional 1,942,891 shares during the last quarter. FMR LLC boosted its holdings in PDD by 8.6% in the third quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after purchasing an additional 1,654,764 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in PDD by 1,374.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock worth $1,772,106,000 after purchasing an additional 12,253,589 shares during the last quarter. Geode Capital Management LLC boosted its holdings in PDD by 12.3% in the third quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock worth $627,104,000 after purchasing an additional 513,248 shares during the last quarter. Finally, H&H International Investment LLC boosted its holdings in PDD by 3,693.8% in the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock worth $526,784,000 after purchasing an additional 3,804,600 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.
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.
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