PDD (NASDAQ:PDD) Stock Price Down 1.4%

PDD Holdings Inc. (NASDAQ:PDD) fell 1.4% on Thursday . The company traded as low as $90.16 and last traded at $91.46. 3,877,818 shares were traded during trading, a decline of 60% from the average session volume of 9,655,001 shares. The stock had previously closed at $92.75.

Analysts Set New Price Targets

Several brokerages have recently commented on PDD. Bank of America reduced their target price on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Benchmark decreased their price target on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. UBS Group increased their price objective on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Sanford C. Bernstein reduced their price objective on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. Finally, Macquarie cut shares of PDD from an “outperform” rating to a “neutral” rating in a report on Monday, August 26th. Two research 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $177.78.

PDD Price Performance

The stock has a market cap of $128.37 billion, a PE ratio of 12.36, a P/E/G ratio of 0.23 and a beta of 0.69. The firm’s fifty day moving average price is $128.03 and its 200 day moving average price is $130.53. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. During the same period in the prior year, the business posted $1.27 earnings per share. The business’s revenue for the quarter was up 85.7% on a year-over-year basis. As a group, equities analysts expect that PDD Holdings Inc. will post 11.21 EPS for the current fiscal year.

Institutional Investors Weigh In On PDD

A number of hedge funds and other institutional investors have recently made changes to their positions in PDD. Norges Bank purchased a new stake in PDD in the 4th quarter valued at about $1,075,172,000. Assenagon Asset Management S.A. raised its position in PDD by 15,755.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 5,087,255 shares of the company’s stock valued at $591,393,000 after purchasing an additional 5,055,169 shares during the last quarter. Hhlr Advisors LTD. grew its holdings in shares of PDD by 37.5% during 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. Acadian Asset Management LLC grew its stake in shares of PDD by 107.8% in the 2nd quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock valued at $487,984,000 after purchasing an additional 1,904,155 shares during the last quarter. Finally, Tairen Capital Ltd increased its stake in PDD by 49.8% in the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after buying an additional 1,788,076 shares during the period. Institutional investors and hedge funds own 29.07% of the company’s stock.

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.