PDD Shares Jump 1.31% on Strong Institutional Buying, Claims 49th in U.S. Trading Volume Amid Shrinking Shorts

. , ranking 49th among U.S.-listed equities. The stock's performance was driven by strong institutional buying activity and positive sentiment around its Q3 gross merchandise value (GMV) guidance, . , suggesting reduced bearish positioning despite macroeconomic headwinds in the tech sector.

Market participants noted unusual order flow patterns in after-hours trading, . This contrasts with typical volatility patterns observed in mid-cap retail stocks during earnings seasons. , indicating potential exhaustion of near-term bullish momentum.

A backtesting analysis of a volume-weighted trading strategy using PDD as a proxy showed mixed results. The strategy, which rebalances daily by selecting top 500 volume tickers, , 2022, through Sept. 16, 2025. However, . , .