Short Interest in PDD Holdings Inc. (NASDAQ:PDD) Declines By 16.6%

PDD Holdings Inc. (NASDAQ:PDD) was the target of a large decline in short interest in December. As of December 31st, there was short interest totalling 23,850,000 shares, a decline of 16.6% from the December 15th total of 28,600,000 shares. Based on an average daily trading volume, of 10,190,000 shares, the days-to-cover ratio is presently 2.3 days.

Hedge Funds Weigh In On PDD

Hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in PDD by 1,374.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after acquiring an additional 12,253,589 shares during the period. H&H International Investment LLC grew its holdings in shares of PDD by 3,693.8% in the 3rd quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock worth $526,784,000 after purchasing an additional 3,804,600 shares during the last quarter. Tairen Capital Ltd increased its position in shares of PDD by 49.8% during the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after purchasing an additional 1,788,076 shares in the last quarter. FMR LLC increased its position in shares of PDD by 8.6% during the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after purchasing an additional 1,654,764 shares in the last quarter. Finally, Dragoneer Investment Group LLC lifted its holdings in PDD by 142.6% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company’s stock valued at $348,440,000 after purchasing an additional 1,540,346 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PDD. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Benchmark lowered their target price on shares of PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $126.00 to $224.00 in a research report on Monday, October 7th. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Jefferies Financial Group reduced their target price on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, PDD has an average rating of “Moderate Buy” and an average target price of $173.40.

PDD Price Performance

NASDAQ:PDD traded up $5.31 during mid-day trading on Friday, hitting $105.57. The company’s stock had a trading volume of 12,382,687 shares, compared to its average volume of 6,902,458. The company has a market capitalization of $145.25 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 0.25 and a beta of 0.66. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The stock has a fifty day moving average of $102.37 and a 200-day moving average of $117.33.

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.