PDD (NASDAQ:PDD) Reaches New 52-Week Low – Here’s What Happened

PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) hit a new 52-week low during trading on Friday . The stock traded as low as $93.81 and last traded at $94.9270, with a volume of 1675417 shares changing hands. The stock had previously closed at $95.58.

Analyst Upgrades and Downgrades

PDD has been the subject of a number of analyst reports. Wall Street Zen cut shares of PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Citigroup reiterated a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Arete Research upgraded PDD from a “neutral” rating to a “buy” rating and set a $121.00 target price on the stock in a report on Friday, April 17th. Finally, Nomura raised PDD from a “neutral” rating to a “buy” rating and set a $136.00 price target for the company in a research report on Friday, March 27th. Six investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $137.86.

PDD Trading Up 0.3%

The company’s fifty day moving average is $100.34 and its 200-day moving average is $109.43. The firm has a market capitalization of $136.40 billion, a P/E ratio of 10.19, a P/E/G ratio of 0.90 and a beta of 0.04.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PDD. Quantinno Capital Management LP increased its stake in PDD by 33.1% during the first quarter. Quantinno Capital Management LP now owns 70,160 shares of the company’s stock valued at $7,169,000 after acquiring an additional 17,451 shares during the period. Clough Capital Partners L P lifted its position in shares of PDD by 8.3% in the 1st quarter. Clough Capital Partners L P now owns 9,155 shares of the company’s stock worth $935,000 after acquiring an additional 705 shares during the period. SummitTX Capital L.P. lifted its position in shares of PDD by 117.4% in the 1st quarter. SummitTX Capital L.P. now owns 9,842 shares of the company’s stock worth $1,006,000 after acquiring an additional 5,314 shares during the period. Lazard Asset Management LLC grew its holdings in shares of PDD by 2.5% during the 1st quarter. Lazard Asset Management LLC now owns 804,411 shares of the company’s stock worth $82,195,000 after purchasing an additional 19,513 shares in the last quarter. Finally, ABS Direct Equity Fund LLC grew its holdings in shares of PDD by 31.8% during the 1st quarter. ABS Direct Equity Fund LLC now owns 75,800 shares of the company’s stock worth $7,486,000 after purchasing an additional 18,270 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Company Profile

PDD (NASDAQ: PDD) is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.