Shares of PDD Holdings Inc. (NASDAQ:PDD – Get Free Report) dropped 5.6% on Wednesday after Barclays lowered their price target on the stock from $224.00 to $158.00. Barclays currently has an overweight rating on the stock. PDD traded as low as $90.47 and last traded at $90.50. Approximately 15,344,788 shares were traded during trading, an increase of 68% from the average daily volume of 9,137,335 shares. The stock had previously closed at $95.91.
Several other brokerages have also issued reports on PDD. The Goldman Sachs Group upgraded shares of PDD from a “neutral” rating to a “buy” rating and upped their target price for the stock from $145.00 to $184.00 in a research report on Friday, May 24th. Benchmark reduced their price target on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday. Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and cut their price target for the stock from $194.00 to $120.00 in a report on Tuesday. UBS Group increased their price objective on PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Finally, Jefferies Financial Group cut their price target on shares of PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a report on Monday. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, PDD currently has a consensus rating of “Moderate Buy” and an average price target of $163.33.
Institutional Investors Weigh In On PDD
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Future Financial Wealth Managment LLC bought a new position in PDD in the 1st quarter worth approximately $29,000. Ashton Thomas Private Wealth LLC purchased a new stake in PDD during the second quarter valued at approximately $32,000. Richardson Financial Services Inc. increased its position in PDD by 3,883.3% during the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after acquiring an additional 233 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in PDD in the 2nd quarter worth about $40,000. Finally, Mather Group LLC. grew its stake in shares of PDD by 1,106.3% during the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after buying an additional 354 shares during the last quarter. 29.07% of the stock is currently owned by hedge funds and other institutional investors.
PDD Stock Performance
The firm has a market capitalization of $122.69 billion, a P/E ratio of 11.81, a P/E/G ratio of 0.26 and a beta of 0.63. The firm has a 50-day moving average price of $135.34 and a two-hundred day moving average price of $132.70. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09.
PDD (NASDAQ:PDD – Get Free Report) last released its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a net margin of 26.93% and a return on equity of 45.04%. The business had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. During the same period in the prior year, the firm posted $1.27 earnings per share. The company’s quarterly revenue was up 85.7% on a year-over-year basis. On average, analysts forecast that PDD Holdings Inc. will post 11.41 EPS for the current fiscal year.
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.