PDD (NASDAQ:PDD) Shares Gap Up – Should You Buy?

PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)’s share price gapped up before the market opened on Friday . The stock had previously closed at $105.79, but opened at $111.94. PDD shares last traded at $111.7860, with a volume of 5,320,826 shares trading hands.

Analyst Upgrades and Downgrades

PDD has been the subject of several research reports. Arete downgraded PDD from a “buy” rating to a “neutral” rating and set a $130.00 target price for the company. in a research note on Tuesday, December 9th. Barclays boosted their price target on shares of PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, August 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of PDD in a report on Wednesday, October 8th. Arete Research set a $130.00 target price on shares of PDD in a report on Tuesday, December 9th. Finally, Zacks Research cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Five investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, PDD has a consensus rating of “Hold” and an average target price of $136.43.

PDD Stock Up 5.0%

The stock’s 50 day moving average price is $124.44 and its two-hundred day moving average price is $118.79. The stock has a market cap of $154.63 billion, a price-to-earnings ratio of 11.59, a price-to-earnings-growth ratio of 1.18 and a beta of 0.07.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. grew its holdings in shares of PDD by 21.8% during the 1st quarter. Raymond James Financial Inc. now owns 39,118 shares of the company’s stock worth $4,630,000 after purchasing an additional 7,013 shares during the period. Wellington Management Group LLP increased its position in shares of PDD by 20.6% during the first quarter. Wellington Management Group LLP now owns 950,922 shares of the company’s stock valued at $112,542,000 after acquiring an additional 162,412 shares during the last quarter. Candriam S.C.A. raised its stake in shares of PDD by 13.7% in the 1st quarter. Candriam S.C.A. now owns 180,800 shares of the company’s stock valued at $21,398,000 after acquiring an additional 21,800 shares during the period. Goldstream Capital Management Ltd acquired a new position in shares of PDD in the 1st quarter worth approximately $102,000. Finally, CW Advisors LLC acquired a new position in shares of PDD in the 1st quarter worth approximately $237,000. 39.83% of the stock is owned by institutional investors and hedge funds.

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.