Benchmark Has Lowered Expectations for PDD (NASDAQ:PDD) Stock Price

PDD (NASDAQ:PDD) had its target price reduced by Benchmark from $185.00 to $160.00 in a research note released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also commented on the stock. Bank of America cut their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. JPMorgan Chase & Co. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $170.00 to $105.00 in a research note on Friday. Nomura Securities raised PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup lowered PDD from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Finally, Macquarie raised PDD from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $126.00 to $224.00 in a research report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $173.40.

PDD Trading Up 0.6 %

Shares of NASDAQ:PDD opened at $100.69 on Friday. The firm has a market cap of $138.54 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 0.24 and a beta of 0.71. PDD has a 12 month low of $88.01 and a 12 month high of $164.69. The company’s fifty day simple moving average is $123.31 and its 200 day simple moving average is $129.39. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last issued its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. The company had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 46.08% and a net margin of 29.05%. The company’s quarterly revenue was up 85.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.27 earnings per share. As a group, research analysts forecast that PDD will post 11.19 EPS for the current fiscal year.

Hedge Funds Weigh In On PDD

Several institutional investors and hedge funds have recently modified their holdings of the stock. Prime Capital Investment Advisors LLC increased its stake in shares of PDD by 5.2% during the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock worth $244,000 after purchasing an additional 89 shares during the period. Ballentine Partners LLC increased its position in PDD by 4.6% during the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock worth $359,000 after buying an additional 120 shares during the period. Parallel Advisors LLC lifted its holdings in shares of PDD by 5.3% during the second quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock worth $324,000 after buying an additional 122 shares in the last quarter. Legacy Capital Group California Inc. boosted its position in shares of PDD by 6.8% in the second quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock valued at $277,000 after acquiring an additional 133 shares during the period. Finally, OneDigital Investment Advisors LLC grew its stake in shares of PDD by 6.8% in the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock valued at $354,000 after acquiring an additional 166 shares in the last quarter. 29.07% of the stock is currently owned by institutional investors and hedge funds.

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.