PDD Sees Unusually High Options Volume (NASDAQ:PDD)

PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) was the recipient of some unusual options trading on Thursday. Investors purchased 104,835 call options on the company. This is an increase of 61% compared to the average volume of 65,204 call options.

PDD Stock Performance

PDD stock opened at $103.71 on Friday. The firm has a 50 day moving average price of $102.03 and a 200-day moving average price of $113.80. PDD has a 52-week low of $92.27 and a 52-week high of $139.41. The firm has a market capitalization of $144.38 billion, a price-to-earnings ratio of 11.03, a PEG ratio of 0.96 and a beta of 0.07.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PDD. Loop Capital set a $170.00 price objective on PDD in a research note on Tuesday, January 6th. Nomura upgraded shares of PDD from a “neutral” rating to a “buy” rating and set a $136.00 target price for the company in a report on Friday, March 27th. Citigroup reiterated a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Wall Street Zen lowered shares of PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Morgan Stanley set a $148.00 price objective on shares of PDD in a report on Thursday, January 15th. Five investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $140.27.

Hedge Funds Weigh In On PDD

Several large investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in PDD during the 4th quarter valued at $1,065,446,000. Assenagon Asset Management S.A. grew its position in PDD by 305.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock worth $762,991,000 after purchasing an additional 5,070,827 shares during the period. Himalaya Capital Management LLC bought a new stake in PDD in the 2nd quarter worth approximately $482,273,000. Dodge & Cox bought a new stake in PDD in the 4th quarter worth approximately $503,429,000. Finally, Orbis Allan Gray Ltd grew its position in PDD by 135.6% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock worth $591,091,000 after purchasing an additional 3,250,416 shares during the period. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

About PDD

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.