PDD Holdings Inc. (NASDAQ:PDD – Get Rating) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 25,760,000 shares, a drop of 12.7% from the February 13th total of 29,510,000 shares. Based on an average daily volume of 8,610,000 shares, the days-to-cover ratio is presently 3.0 days.
Hedge Funds Weigh In On PDD
Several large investors have recently modified their holdings of PDD. Captrust Financial Advisors raised its position in PDD by 108.5% in the 1st quarter. Captrust Financial Advisors now owns 636 shares of the company’s stock worth $26,000 after buying an additional 331 shares during the last quarter. James Investment Research Inc. bought a new stake in shares of PDD during the 4th quarter valued at about $34,000. Compagnie Lombard Odier SCmA bought a new stake in shares of PDD during the 4th quarter valued at about $37,000. Hollencrest Capital Management bought a new stake in shares of PDD during the 4th quarter valued at about $41,000. Finally, Altshuler Shaham Ltd bought a new stake in shares of PDD during the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 24.24% of the company’s stock.
Analysts Set New Price Targets
Several analysts have weighed in on the company. HSBC boosted their price objective on PDD from $93.00 to $100.00 in a report on Tuesday, November 29th. Morgan Stanley upgraded shares of PDD from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $77.00 to $113.00 in a research note on Thursday, March 2nd. Benchmark lifted their price objective on shares of PDD from $107.00 to $112.00 and gave the stock a “buy” rating in a research note on Tuesday, November 29th. KGI Securities raised shares of PDD from a “neutral” rating to an “outperform” rating in a report on Friday, December 9th. Finally, Citigroup boosted their price target on shares of PDD from $79.00 to $111.00 and gave the stock a “buy” rating in a research report on Tuesday, November 29th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, PDD presently has an average rating of “Moderate Buy” and a consensus price target of $90.50.
PDD Trading Up 0.1 %
PDD Holdings, Inc engages in multinational commerce which owns and operates a portfolio of businesses. Its portfolio includes Pinduoduo, a fresh agriculture platform; and Temu, an online marketplace that connects consumers with sellers, manufactures, and brands. The company was founded by Hua Lin Cai and Zheng Huang on April 20, 2015 and is headquartered in Shanghai, China.
- Get a free copy of the StockNews.com research report on PDD (PDD)
- What the SVB Financial Collapse Means for U.S. Banks
- MarketBeat Week in Review – 3/6 – 3/10
- 2 Offshore Drilling Stocks Set to Extract Big Profits
- Three Staples Stocks With Double-Digit Upside Ahead
- Can Investors Trust Consumers to Lift American Outdoor Brands?
Receive News & Ratings for PDD Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDD and related companies with MarketBeat.com's FREE daily email newsletter.