PDD (NASDAQ:PDD) Stock Rating Upgraded by Citigroup

PDD (NASDAQ:PDD) was upgraded by analysts at Citigroup from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage currently has a $165.00 price objective on the stock, up from their prior price objective of $127.00. Citigroup’s target price suggests a potential upside of 38.13% from the stock’s current price.

Several other research firms have also weighed in on PDD. JPMorgan Chase & Co. upped their target price on shares of PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Benchmark reissued a “buy” rating and set a $160.00 price objective on shares of PDD in a report on Friday, March 21st. Nomura Securities lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. Nomura restated a “neutral” rating and set a $130.00 target price (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Finally, Jefferies Financial Group cut their price target on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $174.00.

PDD Trading Up 2.6%

Shares of PDD stock opened at $119.45 on Monday. The firm has a market capitalization of $164.35 billion, a PE ratio of 11.67, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The company’s fifty day moving average price is $109.82 and its two-hundred day moving average price is $109.49. PDD has a 52-week low of $87.11 and a 52-week high of $164.69.

Institutional Investors Weigh In On PDD

Hedge funds and other institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. raised its stake in PDD by 5.2% in the first quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company’s stock valued at $4,739,595,000 after purchasing an additional 1,987,935 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in PDD by 9,469.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company’s stock valued at $4,695,948,000 after acquiring an additional 39,263,851 shares during the last quarter. Vanguard Group Inc. boosted its holdings in PDD by 1.5% in the first quarter. Vanguard Group Inc. now owns 29,079,476 shares of the company’s stock valued at $3,441,556,000 after acquiring an additional 416,867 shares during the last quarter. FMR LLC boosted its holdings in shares of PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company’s stock worth $2,483,253,000 after buying an additional 4,673,022 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of PDD by 4,562.1% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company’s stock worth $1,706,527,000 after buying an additional 14,110,042 shares in the last quarter. 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.