PDD (NASDAQ:PDD) Stock Price Down 1%

PDD Holdings Inc. (NASDAQ:PDD) shares dropped 1% during mid-day trading on Monday . The company traded as low as $93.99 and last traded at $94.03. Approximately 2,145,349 shares traded hands during trading, a decline of 78% from the average daily volume of 9,694,877 shares. The stock had previously closed at $94.99.

Wall Street Analyst Weigh In

PDD has been the topic of a number of research reports. Barclays dropped their price objective on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. The Goldman Sachs Group upgraded shares of PDD from a “neutral” rating to a “buy” rating and raised their target price for the company from $145.00 to $184.00 in a research note on Friday, May 24th. UBS Group boosted their target price 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. Jefferies Financial Group lowered their price target on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Finally, Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $177.78.

PDD Stock Up 2.2 %

The stock has a market capitalization of $133.58 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.23 and a beta of 0.69. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The firm’s fifty day moving average is $123.94 and its 200-day moving average is $129.36.

PDD (NASDAQ:PDD) last announced its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping the consensus estimate of $2.66 by $20.58. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. During the same period in the previous year, the business earned $1.27 EPS. PDD’s revenue was up 85.7% compared to the same quarter last year. As a group, equities research analysts predict that PDD Holdings Inc. will post 11.05 earnings per share for the current year.

Institutional Investors Weigh In On PDD

A number of hedge funds have recently added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC bought a new stake in shares of PDD in the 1st quarter valued at about $29,000. Ashton Thomas Private Wealth LLC bought a new position in shares of PDD in the second quarter valued at $32,000. Richardson Financial Services Inc. raised its holdings in shares of PDD by 3,883.3% in the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after purchasing an additional 233 shares during the period. Strategic Financial Concepts LLC bought a new position in shares of PDD during the 2nd quarter worth approximately $40,000. Finally, Mather Group LLC. increased its holdings in shares of PDD by 1,106.3% in the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after purchasing an additional 354 shares during the last quarter. Institutional investors own 29.07% of the company’s stock.

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.