PDD (NASDAQ:PDD) Cut to “Hold” at Nomura Securities

PDD (NASDAQ:PDD) was downgraded by analysts at Nomura Securities from a “strong-buy” rating to a “hold” rating in a report issued on Friday,Zacks.com reports.

A number of other analysts have also weighed in on PDD. Benchmark reaffirmed a “buy” rating and issued a $160.00 price objective on shares of PDD in a research note on Friday. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Nomura reissued a “neutral” rating and set a $130.00 price objective (down from $137.00) on shares of PDD in a report on Thursday. Jefferies Financial Group lowered their target price on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a report on Thursday. Finally, JPMorgan Chase & Co. lifted their price target on PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a report on Friday. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, PDD has a consensus rating of “Moderate Buy” and a consensus price target of $169.91.

PDD Price Performance

Shares of PDD stock opened at $126.64 on Friday. PDD has a twelve month low of $88.01 and a twelve month high of $164.69. 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 fifty day simple moving average of $115.75 and a two-hundred day simple moving average of $113.13. The stock has a market capitalization of $174.24 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 0.32 and a beta of 0.69.

Hedge Funds Weigh In On PDD

Hedge funds have recently modified their holdings of the stock. Gordian Capital Singapore Pte Ltd grew its position in PDD by 1,218.9% during the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock worth $942,000 after purchasing an additional 6,460 shares during the last quarter. Lord Abbett & CO. LLC grew its holdings in shares of PDD by 63.9% during the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock valued at $5,155,000 after buying an additional 14,905 shares during the last quarter. Maple Rock Capital Partners Inc. acquired a new position in shares of PDD in the 3rd quarter valued at $74,221,000. Headwater Capital Co Ltd purchased a new position in PDD in the 4th quarter worth $9,699,000. Finally, Baillie Gifford & Co. lifted its position in PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock worth $3,691,376,000 after acquiring an additional 1,942,891 shares during the period. Institutional investors and hedge funds 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.