Arete Research Downgrades PDD (NASDAQ:PDD) to Neutral

PDD (NASDAQ:PDD) was downgraded by stock analysts at Arete Research from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, MarketBeat.com reports. They currently have a $130.00 price objective on the stock. Arete Research’s price target indicates a potential upside of 12.77% from the company’s previous close.

Several other brokerages have also commented on PDD. Benchmark reissued a “buy” rating and issued a $160.00 price target (up previously from $128.00) on shares of PDD in a report on Tuesday, August 26th. Citigroup reaffirmed a “buy” rating on shares of PDD in a report on Monday, August 25th. New Street Research lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research report on Tuesday, August 26th. Weiss Ratings reissued a “hold (c+)” rating on shares of PDD in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised shares of PDD from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Five analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $136.43.

PDD Trading Down 1.6%

Shares of PDD opened at $115.28 on Tuesday. The firm has a market cap of $160.49 billion, a P/E ratio of 12.03, a PEG ratio of 1.38 and a beta of 0.07. PDD has a 12 month low of $87.11 and a 12 month high of $139.41. The stock’s 50 day moving average is $127.40 and its two-hundred day moving average is $118.65.

Institutional Investors Weigh In On PDD

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in PDD by 1.1% during the third quarter. Vanguard Group Inc. now owns 32,384,722 shares of the company’s stock worth $4,280,289,000 after buying an additional 348,997 shares during the last quarter. Norges Bank acquired a new stake in shares of PDD in the 2nd quarter worth $962,785,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of PDD by 899.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company’s stock worth $1,063,489,000 after acquiring an additional 8,086,620 shares during the period. Sanders Capital LLC boosted its position in shares of PDD by 21.5% during the 2nd quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock valued at $892,395,000 after acquiring an additional 1,508,445 shares during the last quarter. Finally, H&H International Investment LLC boosted its position in shares of PDD by 7.3% during the 1st quarter. H&H International Investment LLC now owns 7,753,900 shares of the company’s stock valued at $917,674,000 after acquiring an additional 525,200 shares during the last quarter. 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.