PDD (NASDAQ:PDD) Shares Gap Up to $102.30

Shares of PDD Holdings Inc. (NASDAQ:PDD) gapped up before the market opened on Tuesday . The stock had previously closed at $102.30, but opened at $108.31. PDD shares last traded at $108.35, with a volume of 7,146,013 shares trading hands.

Analyst Ratings Changes

PDD has been the topic of several research reports. Sanford C. Bernstein dropped their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 27th. Benchmark dropped their target price 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 report on Monday, August 26th. Barclays dropped their price target on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Finally, Citigroup lowered PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, PDD presently has a consensus rating of “Buy” and a consensus price target of $177.78.

PDD Price Performance

The stock’s 50-day moving average is $119.26 and its 200-day moving average is $128.42. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. The firm has a market cap of $153.62 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69.

PDD (NASDAQ:PDD) last announced 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. The business had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. PDD’s quarterly revenue was up 85.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.27 EPS. As a group, equities analysts anticipate that PDD Holdings Inc. will post 11.05 EPS for the current fiscal year.

Institutional Investors Weigh In On PDD

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Baillie Gifford & Co. grew its holdings in shares of PDD by 1.0% during the second quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock worth $4,670,322,000 after purchasing an additional 348,130 shares during the last quarter. Vanguard Group Inc. grew its holdings in PDD by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock worth $2,820,408,000 after acquiring an additional 97,648 shares during the last quarter. Hhlr Advisors LTD. increased its position in PDD by 16.6% in the 1st quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after acquiring an additional 1,680,600 shares in the last quarter. Assenagon Asset Management S.A. raised its position in PDD by 16.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after purchasing an additional 826,525 shares during the last quarter. Finally, Tairen Capital Ltd lifted its holdings in PDD by 49.8% during the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after buying an additional 1,788,076 shares in the last quarter. 29.07% of the stock is owned by institutional investors and hedge funds.

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.