Benchmark Cuts PDD (NASDAQ:PDD) Price Target to $185.00

PDD (NASDAQ:PDD) had its target price cut by Benchmark from $230.00 to $185.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

PDD has been the subject of a number of other reports. UBS Group lifted their price target on PDD from $248.00 to $272.00 and gave the stock a buy rating in a report on Wednesday, May 22nd. Jefferies Financial Group reduced their target price on PDD from $193.00 to $151.00 and set a buy rating for the company in a report on Monday. Barclays boosted their target price on PDD from $178.00 to $224.00 and gave the company an overweight rating in a report on Friday, May 24th. Bank of America reduced their target price on PDD from $206.00 to $170.00 and set a buy rating for the company in a report on Tuesday. Finally, The Goldman Sachs Group raised PDD from a neutral rating to a buy rating and boosted their target price for the company from $145.00 to $184.00 in a report on Friday, May 24th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $167.27.

PDD Trading Up 4.8 %

PDD opened at $93.42 on Tuesday. The stock has a market capitalization of $128.53 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 0.26 and a beta of 0.63. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09. The business has a fifty day moving average price of $134.24 and a 200 day moving average price of $132.39. PDD has a 12 month low of $88.01 and a 12 month high of $164.69.

PDD (NASDAQ:PDD) last announced its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. The company had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. PDD had a return on equity of 45.04% and a net margin of 26.93%. PDD’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.27 EPS. Sell-side analysts expect that PDD will post 11.41 earnings per share for the current fiscal year.

Institutional Trading of PDD

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in PDD during the 4th quarter worth approximately $1,075,172,000. Assenagon Asset Management S.A. increased its position in PDD by 15,755.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 5,087,255 shares of the company’s stock worth $591,393,000 after purchasing an additional 5,055,169 shares during the period. Hhlr Advisors LTD. increased its position in PDD by 37.5% during the 4th quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock worth $1,479,333,000 after purchasing an additional 2,760,100 shares during the period. Acadian Asset Management LLC increased its position in PDD by 107.8% during the 2nd quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock worth $487,984,000 after purchasing an additional 1,904,155 shares during the period. Finally, Tairen Capital Ltd increased its position 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 purchasing an additional 1,788,076 shares during the period. 29.07% of the stock is owned by hedge funds and other institutional investors.

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.