PDD Holdings Inc. (NASDAQ:PDD) Sees Large Drop in Short Interest

PDD Holdings Inc. (NASDAQ:PDD) was the recipient of a large decline in short interest in February. As of February 15th, there was short interest totalling 23,860,000 shares, a decline of 16.6% from the January 31st total of 28,600,000 shares. Based on an average daily volume of 9,970,000 shares, the days-to-cover ratio is currently 2.4 days.

PDD Stock Up 0.1 %

Shares of PDD stock traded up $0.17 during trading hours on Friday, hitting $119.99. 3,914,133 shares of the company were exchanged, compared to its average volume of 8,724,757. The stock has a market capitalization of $165.09 billion, a price-to-earnings ratio of 11.74, a P/E/G ratio of 0.32 and a beta of 0.69. PDD has a one year low of $88.01 and a one year high of $164.69. The business’s 50-day simple moving average is $110.21 and its two-hundred day simple moving average is $112.76. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

Wall Street Analysts Forecast Growth

PDD has been the subject of a number of recent analyst reports. Jefferies Financial Group decreased their price target on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Finally, Benchmark cut their target price 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 research 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 stock. According to MarketBeat, PDD presently has a consensus rating of “Moderate Buy” and an average target price of $173.40.

Hedge Funds Weigh In On PDD

Hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its holdings in shares of PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock worth $3,691,376,000 after purchasing an additional 1,942,891 shares during the last quarter. Vanguard Group Inc. increased its position in PDD by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock worth $2,779,986,000 after buying an additional 268,662 shares during the period. FMR LLC lifted its stake in PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company’s stock valued at $2,483,253,000 after buying an additional 4,673,022 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of PDD by 1,374.3% during 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 valued at $1,772,106,000 after acquiring an additional 12,253,589 shares during the period. Finally, Norges Bank bought a new position in shares of PDD during the fourth quarter worth about $812,246,000. Institutional investors and hedge funds 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.