PDD (NASDAQ:PDD) Shares Gap Down – Time to Sell?

PDD Holdings Inc. (NASDAQ:PDD) shares gapped down before the market opened on Monday . The stock had previously closed at $131.34, but opened at $125.16. PDD shares last traded at $120.25, with a volume of 7,254,930 shares.

Analysts Set New Price Targets

A number of analysts recently weighed in on PDD shares. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Jefferies Financial Group decreased their target price on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, Benchmark decreased their price objective on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, PDD presently has an average rating of “Moderate Buy” and a consensus target price of $173.40.

PDD Trading Down 8.9 %

The business’s 50-day moving average is $107.12 and its two-hundred day moving average is $113.94. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $164.62 billion, a PE ratio of 11.64, a PEG ratio of 0.32 and a beta of 0.66.

Hedge Funds Weigh In On PDD

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its stake in PDD by 11.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,843 shares of the company’s stock valued at $2,136,000 after acquiring an additional 1,623 shares during the last quarter. International Assets Investment Management LLC bought a new stake in PDD during the 3rd quarter valued at $65,535,000. Hennion & Walsh Asset Management Inc. lifted its holdings in PDD by 11.6% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 7,030 shares of the company’s stock worth $948,000 after purchasing an additional 731 shares during the period. IFM Investors Pty Ltd boosted its holdings in shares of PDD by 2.7% in the third quarter. IFM Investors Pty Ltd now owns 35,898 shares of the company’s stock valued at $4,839,000 after acquiring an additional 947 shares in the last quarter. Finally, Ballentine Partners LLC increased its position in shares of PDD by 11.9% during the 3rd quarter. Ballentine Partners LLC now owns 3,022 shares of the company’s stock valued at $407,000 after purchasing an additional 321 shares during the period. Hedge funds and other 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.