PDD (NASDAQ:PDD) Lowered to “Neutral” Rating by Arete

Arete downgraded shares of PDD (NASDAQ:PDD) from a buy rating to a neutral rating in a research note issued to investors on Tuesday, MarketBeat reports. Arete currently has $130.00 target price on the stock.

Several other analysts have also recently commented on the stock. Bank of America decreased their price target on shares of PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 19th. Zacks Research cut PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Arete Research set a $130.00 price objective on PDD in a research note on Tuesday. Wall Street Zen upgraded PDD from a “hold” rating to a “buy” rating in a research report on Saturday, November 22nd. Finally, Benchmark restated a “buy” rating and issued a $160.00 price target (up previously from $128.00) on shares of PDD in a research report on Tuesday, August 26th. Five investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $136.43.

PDD Price Performance

PDD stock opened at $117.14 on Tuesday. The company has a market capitalization of $163.08 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 1.39 and a beta of 0.07. PDD has a 1-year low of $87.11 and a 1-year high of $139.41. The business has a 50 day simple moving average of $127.78 and a two-hundred day simple moving average of $118.67.

Institutional Trading of PDD

A number of institutional investors have recently bought and sold shares of PDD. Westside Investment Management Inc. increased its position in PDD by 398.0% during the second quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock valued at $26,000 after acquiring an additional 199 shares during the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of PDD during the 2nd quarter worth about $28,000. Binnacle Investments Inc grew its holdings in PDD by 281.7% during the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after purchasing an additional 200 shares during the last quarter. Wexford Capital LP purchased a new stake in PDD in the 3rd quarter worth about $44,000. Finally, Assetmark Inc. lifted its stake in PDD by 314.4% in the third quarter. Assetmark Inc. now owns 402 shares of the company’s stock worth $53,000 after purchasing an additional 305 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

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.