PDD Holdings, Inc. ( PDD ) shares are moving lower Friday after the White House announced new measures to tackle the abuse of the de minimis exemption by Chinese e-commerce platforms including Temu and Shein. 

The Details: 

The Biden Administration issued an official statement on Friday "addressing the significant increased abuse of the de minimis exemption, in particular China-founded e-commerce platforms." Under current regulations, packages addressed to individuals’ residences with a value of less than $800 can enter the U.S. duty-free and with less customs scrutiny.

Read Next: What’s Going On With AST SpaceMobile Stock?

The White House statement said imports claiming the de minimis exemption have increased from approximately 140 million per year to over more than one billion over the past ten years, due mainly to increased shipments from Chinese e-commerce firms. 

"This exponential increase in de minimis shipments makes it more challenging to enforce U.S. trade laws, health and safety requirements, intellectual property rights, consumer protection rules, and to block illicit synthetic drugs such as fentanyl and synthetic drug raw materials and machinery from entering the country," the Biden administration wrote in its statement. 

PDD Responds: A PDD spokesperson responded to Reuters saying the company's growth does not depend on the de minimis policy. 

"We are reviewing the new rule proposals and remain committed to delivering value to customers," the PDD spokesperson stated. 

PDD Holdings ( PDD ) shares are moving lower on above-average trading volume following the Biden Administration's announcement. According to data from Benzinga Pro, PDD's stock has lost more than 33% over the past month. 

Will PDD Stock Go Up?

When trying to assess whether or not PDD Holdings ( PDD ) will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $159 on PDD Holdings ( PDD ). The Street high target is currently at $185 and the Street low target is $120. Of all the analysts covering PDD Holdings ( PDD ), 5 have positive ratings, one has a neutral rating and no one has negative ratings.

In the last month, 7 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering PDD Holdings ( PDD ) have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. PDD Holdings ( PDD ) is 34.63% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about PDD Holdings ( PDD ), visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

PDD Price Action: According to Benzinga Pro, PDD Holdings ( PDD ) shares are down 2.69% at $94.80 at the time of publication Friday.

Read Also:

Adobe Reports Record Q3 Revenue, EPS Beats Estimates

Image: Courtesy of PDD Holdings, Inc. ( PDD )