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

Wall Street Zen lowered shares of PDD (NASDAQ:PDD) from a buy rating to a hold rating in a report released on Saturday.

Other analysts have also issued research reports about the company. Sanford C. Bernstein set a $135.00 target price on PDD in a report on Tuesday, November 18th. Zacks Research lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of PDD in a research note on Wednesday, October 8th. Arete downgraded PDD from a “buy” rating to a “neutral” rating and set a $130.00 price objective for the company. in a report on Tuesday, December 9th. Finally, Bank of America lowered their target price on shares of PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a report on Wednesday, November 19th. Five analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, PDD currently has an average rating of “Hold” and a consensus target price of $136.43.

PDD Trading Up 2.9%

Shares of PDD stock opened at $119.12 on Friday. The firm’s fifty day moving average price is $120.55 and its two-hundred day moving average price is $120.11. PDD has a 1 year low of $87.11 and a 1 year high of $139.41. The firm has a market capitalization of $165.83 billion, a P/E ratio of 12.43, a PEG ratio of 1.08 and a beta of 0.02.

Hedge Funds Weigh In On PDD

Several large investors have recently modified their holdings of PDD. Norges Bank bought a new stake in shares of PDD during the 2nd quarter worth about $962,785,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of PDD by 899.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company’s stock worth $1,063,489,000 after acquiring an additional 8,086,620 shares during the period. Himalaya Capital Management LLC acquired a new position in shares of PDD in the second quarter valued at approximately $482,273,000. NetEase Inc. bought a new position in shares of PDD during the second quarter worth approximately $372,117,000. Finally, Orbis Allan Gray Ltd lifted its holdings in PDD by 135.6% during 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 last quarter. 39.83% of the stock is owned by 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.