PDD Holdings Inc. (NASDAQ:PDD) Short Interest Update

PDD Holdings Inc. (NASDAQ:PDD) was the recipient of a significant decrease in short interest in February. As of February 15th, there was short interest totalling 23,860,000 shares, a decrease of 16.6% from the January 31st total of 28,600,000 shares. Based on an average daily volume of 9,970,000 shares, the days-to-cover ratio is currently 2.4 days.

PDD Price Performance

Shares of PDD stock traded up $7.70 during trading hours on Wednesday, hitting $121.11. The company’s stock had a trading volume of 6,535,527 shares, compared to its average volume of 8,812,541. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company has a market cap of $166.63 billion, a PE ratio of 11.85, a PEG ratio of 0.32 and a beta of 0.69. The business has a 50 day moving average price of $109.38 and a two-hundred day moving average price of $112.66. PDD has a 12-month low of $88.01 and a 12-month high of $164.69.

Hedge Funds Weigh In On PDD

Several institutional investors have recently added to or reduced their stakes in PDD. Baillie Gifford & Co. raised its position in shares of PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after buying an additional 1,942,891 shares in the last quarter. Vanguard Group Inc. increased its position in shares of PDD by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock valued at $2,779,986,000 after purchasing an additional 268,662 shares during the last quarter. FMR LLC raised its holdings in PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company’s stock valued at $2,483,253,000 after buying an additional 4,673,022 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted 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 worth $1,772,106,000 after buying an additional 12,253,589 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of PDD during the 4th quarter worth about $812,246,000. Hedge funds and other institutional investors own 39.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PDD. JPMorgan Chase & Co. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Benchmark reduced their price objective on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Jefferies Financial Group dropped their target price on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Finally, Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $173.40.

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.