PDD (NASDAQ:PDD) Stock Rating Lowered by Arete

PDD (NASDAQ:PDD) was downgraded by Arete from a “buy” rating to a “neutral” rating in a report released on Tuesday, Marketbeat reports. They presently have a $130.00 price objective on the stock. Arete’s price target suggests a potential upside of 12.77% from the company’s previous close.

Several other research analysts have also recently issued reports on PDD. Macquarie set a $165.00 price objective on PDD and gave the stock an “outperform” rating in a research report on Monday, August 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of PDD in a report on Wednesday, October 8th. Barclays increased their target price on shares of PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, August 26th. Jefferies Financial Group set a $146.00 price target on PDD and gave the stock a “buy” rating in a research note on Monday, August 25th. Finally, Bank of America lowered their price target on PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a report on Wednesday, November 19th. Five analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, PDD currently has a consensus rating of “Hold” and an average target price of $136.43.

PDD Trading Down 1.6%

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

Institutional Investors Weigh In On PDD

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Westside Investment Management Inc. grew its holdings in PDD by 398.0% during the 2nd quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock valued at $26,000 after buying an additional 199 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of PDD in the second quarter valued at $28,000. Binnacle Investments Inc boosted its stake in shares of PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after acquiring an additional 200 shares during the last quarter. Wexford Capital LP acquired a new stake in shares of PDD during the third quarter valued at $44,000. Finally, EMC Capital Management purchased a new stake in PDD during the 2nd quarter worth about $52,000. 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.