PDD Holdings Inc. (NASDAQ:PDD – Get Free Report) fell 3.1% on Wednesday . The stock traded as low as $115.43 and last traded at $116.32. 2,781,247 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 8,754,343 shares. The stock had previously closed at $120.10.
Analysts Set New Price Targets
PDD has been the topic of several research reports. Citigroup boosted their price target on PDD from $170.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. JPMorgan Chase & Co. cut their target price on PDD from $195.00 to $190.00 and set an “overweight” rating for the company in a research note on Thursday, March 21st. Barclays lifted their price target on shares of PDD from $164.00 to $178.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Benchmark increased their price objective on shares of PDD from $215.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Finally, Jefferies Financial Group raised their price objective on shares of PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $146.85.
Check Out Our Latest Report on PDD
PDD Stock Performance
Institutional Investors Weigh In On PDD
Hedge funds and other institutional investors have recently bought and sold shares of the business. SC US Ttgp LTD. grew its holdings in shares of PDD by 1,414.4% during the third quarter. SC US Ttgp LTD. now owns 48,233,322 shares of the company’s stock worth $4,730,242,000 after purchasing an additional 45,048,300 shares during the last quarter. Norges Bank acquired a new stake in PDD in the 4th quarter valued at about $1,075,172,000. Vanguard Group Inc. raised its stake in shares of PDD by 38.0% in the third quarter. Vanguard Group Inc. now owns 24,101,615 shares of the company’s stock worth $2,363,645,000 after acquiring an additional 6,637,418 shares during the last quarter. Baillie Gifford & Co. lifted its position in shares of PDD by 14.4% during the third quarter. Baillie Gifford & Co. now owns 35,668,170 shares of the company’s stock worth $3,497,977,000 after purchasing an additional 4,501,126 shares in the last quarter. Finally, FMR LLC grew its stake in shares of PDD by 32.6% during the third quarter. FMR LLC now owns 17,635,104 shares of the company’s stock valued at $1,729,475,000 after purchasing an additional 4,334,186 shares during the last quarter. 29.07% of the stock is owned by institutional investors and hedge funds.
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.
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