PDD (NASDAQ:PDD) Cut to Hold at Wall Street Zen

PDD (NASDAQ:PDD) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other brokerages have also recently weighed in on PDD. Zacks Research cut PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Citigroup reissued a “neutral” rating on shares of PDD in a research note on Wednesday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of PDD in a research note on Wednesday, October 8th. Morgan Stanley set a $148.00 target price on shares of PDD in a report on Thursday, January 15th. Finally, Arete Research set a $130.00 target price on shares of PDD in a research report on Tuesday, December 9th. Four research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $139.87.

PDD Stock Down 1.6%

NASDAQ PDD opened at $101.05 on Friday. The stock’s 50-day simple moving average is $112.45 and its two-hundred day simple moving average is $120.60. PDD has a twelve month low of $87.11 and a twelve month high of $139.41. The company has a market capitalization of $140.68 billion, a price-to-earnings ratio of 10.55, a PEG ratio of 0.94 and a beta of 0.02.

Institutional Investors Weigh In On PDD

Large investors have recently added to or reduced their stakes in the company. Westside Investment Management Inc. boosted its holdings in shares of PDD by 398.0% during the second quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock worth $26,000 after purchasing an additional 199 shares during the period. Ameritas Advisory Services LLC bought a new position in PDD during the 2nd quarter valued at approximately $28,000. GAMMA Investing LLC raised its position in PDD by 595.0% during the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after purchasing an additional 238 shares during the last quarter. Binnacle Investments Inc lifted its holdings in PDD by 281.7% in the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after buying an additional 200 shares during the period. Finally, Wexford Capital LP bought a new stake in shares of PDD in the 3rd quarter worth approximately $44,000. Institutional investors own 39.83% of the company’s stock.

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.