PDD (NASDAQ:PDD) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of PDD (NASDAQ:PDD) from a hold rating to a buy rating in a research note released on Saturday.

Several other equities analysts have also issued reports on the company. Citigroup reaffirmed a “buy” rating on shares of PDD in a research note on Monday, August 25th. Weiss Ratings restated a “hold (c+)” rating on shares of PDD in a research report on Wednesday, October 8th. 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 note on Tuesday, August 26th. Jefferies Financial Group set a $146.00 price target on shares of PDD and gave the stock a “buy” rating in a research note on Monday, August 25th. Finally, Benchmark restated a “buy” rating and issued a $160.00 price objective (up from $128.00) on shares of PDD in a report on Tuesday, August 26th. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $137.50.

PDD Price Performance

PDD stock opened at $113.24 on Friday. The company has a 50 day moving average price of $131.12 and a 200 day moving average price of $118.62. PDD has a fifty-two week low of $87.11 and a fifty-two week high of $139.41. The stock has a market capitalization of $157.65 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 1.34 and a beta of 0.47.

Hedge Funds Weigh In On PDD

Hedge funds and other institutional investors have recently made changes to their positions in the company. Westside Investment Management Inc. grew its holdings in shares of PDD by 398.0% in 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 period. Ameritas Advisory Services LLC bought a new position in PDD during the second quarter worth about $28,000. Binnacle Investments Inc lifted its holdings in PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after acquiring an additional 200 shares in the last quarter. Wexford Capital LP bought a new stake in shares of PDD in the third quarter worth about $44,000. Finally, IFP Advisors Inc raised its position in shares of PDD by 245.8% during the first quarter. IFP Advisors Inc now owns 408 shares of the company’s stock worth $48,000 after purchasing an additional 290 shares during the period. 39.83% of the stock is owned by institutional investors.

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.