PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) Receives $138.67 Average Target Price from Analysts

Shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) have been assigned a consensus rating of “Hold” from the seventeen research firms that are currently covering the firm, MarketBeat.com reports. Twelve analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $139.25.

Several research firms have recently issued reports on PDD. Zacks Research downgraded PDD from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Sanford C. Bernstein set a $135.00 target price on shares of PDD in a report on Tuesday, November 18th. Loop Capital set a $170.00 price target on shares of PDD in a research report on Tuesday, January 6th. Bank of America dropped their price target on shares of PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research note on Wednesday, November 19th. Finally, Arete lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $130.00 price target on the stock. in a report on Tuesday, December 9th.

Institutional Investors Weigh In On PDD

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of PDD in the second quarter worth approximately $962,785,000. Assenagon Asset Management S.A. raised its holdings in PDD by 305.8% during 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 last quarter. Himalaya Capital Management LLC bought a new position in PDD during the 2nd quarter worth approximately $482,273,000. NetEase Inc. acquired a new position in shares of PDD in the 2nd quarter worth approximately $372,117,000. Finally, Orbis Allan Gray Ltd boosted its stake in shares of PDD by 135.6% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after purchasing an additional 3,250,416 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Down 0.6%

Shares of PDD opened at $106.78 on Wednesday. The stock has a market cap of $148.66 billion, a PE ratio of 11.15, a PEG ratio of 1.00 and a beta of 0.02. PDD has a 12-month low of $87.11 and a 12-month high of $139.41. The business has a 50-day simple moving average of $116.84 and a two-hundred day simple moving average of $120.57.

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.