PDD (NASDAQ:PDD) Stock Price Up 0.5%

PDD Holdings Inc. (NASDAQ:PDD)’s share price was up 0.5% on Wednesday . The company traded as high as $134.68 and last traded at $133.72. Approximately 1,297,909 shares changed hands during trading, a decline of 85% from the average daily volume of 8,500,271 shares. The stock had previously closed at $133.08.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Benchmark raised their target price on PDD from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Bank of America boosted their target price on shares of PDD from $191.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. UBS Group raised their price target on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Sanford C. Bernstein increased their price objective on shares of PDD from $180.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, May 23rd. Finally, The Goldman Sachs Group raised shares of PDD from a “neutral” rating to a “buy” rating and raised their target price for the stock from $145.00 to $184.00 in a report on Friday, May 24th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $188.33.

PDD Price Performance

The company has a market capitalization of $179.96 billion, a P/E ratio of 17.32, a PEG ratio of 0.23 and a beta of 0.63. The stock’s fifty day simple moving average is $142.11 and its 200-day simple moving average is $133.37. 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) last announced its earnings results on Wednesday, May 22nd. The company reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $1.19. PDD had a net margin of 26.93% and a return on equity of 45.04%. The business had revenue of $12.02 billion for the quarter, compared to analyst estimates of $10.62 billion. On average, equities analysts forecast that PDD Holdings Inc. will post 11.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PDD

Hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. increased its position in shares of PDD by 6.4% during the 4th quarter. Baillie Gifford & Co. now owns 37,960,238 shares of the company’s stock worth $5,553,962,000 after purchasing an additional 2,292,068 shares in the last quarter. Vanguard Group Inc. grew its stake in PDD by 0.4% during the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock worth $2,820,408,000 after buying an additional 97,648 shares during the last quarter. Hhlr Advisors LTD. grew its stake in PDD by 16.6% during the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock worth $1,370,767,000 after buying an additional 1,680,600 shares during the last quarter. Norges Bank acquired a new stake in shares of PDD during the fourth quarter worth approximately $1,075,172,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of PDD by 16.2% in the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after acquiring an additional 826,525 shares during 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.