PDD (NASDAQ:PDD) Upgraded by Arete Research to “Buy” Rating

PDD (NASDAQ:PDD) was upgraded by analysts at Arete Research from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat.com reports. The firm presently has a $121.00 price objective on the stock. Arete Research’s price objective would indicate a potential upside of 14.10% from the company’s previous close.

A number of other equities research analysts have also weighed in on PDD. Citigroup reaffirmed a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Morgan Stanley set a $148.00 price target on PDD in a report on Thursday, January 15th. Wall Street Zen lowered PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Loop Capital set a $170.00 target price on shares of PDD in a report on Tuesday, January 6th. Finally, Nomura upgraded PDD from a “neutral” rating to a “buy” rating and set a $136.00 price objective on the stock in a research report on Friday, March 27th. Six investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, PDD currently has a consensus rating of “Hold” and an average price target of $139.67.

PDD Stock Performance

PDD stock traded up $2.34 during trading on Friday, hitting $106.05. 3,066,745 shares of the company’s stock traded hands, compared to its average volume of 7,973,396. The stock has a market capitalization of $147.63 billion, a price-to-earnings ratio of 11.29, a P/E/G ratio of 0.96 and a beta of 0.07. The business has a fifty day simple moving average of $102.03 and a 200 day simple moving average of $113.80. PDD has a 52 week low of $92.68 and a 52 week high of $139.41.

Hedge Funds Weigh In On PDD

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