PDD (NASDAQ:PDD) Stock Price Up 1.9%

Shares of PDD Holdings Inc. (NASDAQ:PDD) traded up 1.9% during trading on Thursday . The stock traded as high as $101.90 and last traded at $100.10. 3,552,383 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 9,653,160 shares. The stock had previously closed at $98.23.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PDD shares. Benchmark decreased their price target on shares of PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Macquarie cut shares of PDD from an “outperform” rating to a “neutral” rating in a research report on Monday, August 26th. Bank of America lowered their price target on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Jefferies Financial Group reduced their price objective on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Finally, The Goldman Sachs Group raised PDD from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $145.00 to $184.00 in a research report on Friday, May 24th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $177.78.

PDD Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. The business has a 50 day simple moving average of $119.97 and a 200-day simple moving average of $128.40. The stock has a market capitalization of $137.45 billion, a P/E ratio of 13.23, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69.

PDD (NASDAQ:PDD) last announced its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping the consensus estimate of $2.66 by $20.58. The company had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same period last year, the company posted $1.27 earnings per share. On average, analysts predict that PDD Holdings Inc. will post 11.05 EPS for the current year.

Hedge Funds Weigh In On PDD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC increased its holdings in shares of PDD by 149.0% during the 1st quarter. Los Angeles Capital Management LLC now owns 296,786 shares of the company’s stock valued at $34,501,000 after acquiring an additional 177,600 shares during the last quarter. Hhlr Advisors LTD. lifted its stake in shares of PDD by 37.5% in the fourth quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock worth $1,479,333,000 after buying an additional 2,760,100 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of PDD by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 24,163,927 shares of the company’s stock worth $3,535,424,000 after buying an additional 62,312 shares during the last quarter. Jupiter Asset Management Ltd. boosted its holdings in shares of PDD by 63.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock worth $30,700,000 after buying an additional 89,853 shares during the period. Finally, Connectus Wealth LLC grew its stake in PDD by 9.4% in the 4th quarter. Connectus Wealth LLC now owns 6,852 shares of the company’s stock valued at $1,003,000 after buying an additional 590 shares during the last quarter. Institutional investors own 29.07% of the company’s stock.

PDD Company Profile

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.