PDD (NASDAQ:PDD) Reaches New 52-Week Low – Here’s Why

PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)’s share price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $92.57 and last traded at $94.3350, with a volume of 3867550 shares. The stock had previously closed at $97.79.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PDD shares. Wall Street Zen downgraded shares of PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Citigroup reaffirmed a “neutral” rating on shares of PDD in a research note on Wednesday, January 28th. Nomura raised shares of PDD from a “neutral” rating to a “buy” rating and set a $136.00 price target on the stock in a research note on Friday, March 27th. Finally, Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target on the stock in a research note on Friday, April 17th. Six investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $137.86.

PDD Trading Down 4.1%

The company’s 50-day moving average price is $99.90 and its two-hundred day moving average price is $108.11. The company has a market cap of $133.45 billion, a P/E ratio of 9.97, a P/E/G ratio of 0.92 and a beta of 0.04.

Institutional Investors Weigh In On PDD

Institutional investors have recently modified their holdings of the business. Focus Partners Wealth boosted its stake in PDD by 352.8% during the 1st quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock valued at $1,176,000 after purchasing an additional 7,744 shares during the period. Intech Investment Management LLC lifted its stake in shares of PDD by 2.7% in the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock worth $1,762,000 after acquiring an additional 395 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of PDD by 62.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company’s stock worth $174,000 after acquiring an additional 637 shares during the period. Cerity Partners LLC lifted its stake in shares of PDD by 2.0% in the 2nd quarter. Cerity Partners LLC now owns 19,696 shares of the company’s stock worth $2,061,000 after acquiring an additional 382 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in shares of PDD by 0.3% in the 2nd quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock worth $14,914,000 after acquiring an additional 369 shares during the period. Institutional investors own 39.83% of the company’s stock.

PDD Company Profile

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.