JPMorgan Chase & Co. Forecasts Strong Price Appreciation for PDD (NASDAQ:PDD) Stock

PDD (NASDAQ:PDD) had its target price hoisted by investment analysts at JPMorgan Chase & Co. from $105.00 to $125.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 1.55% from the company’s previous close.

PDD has been the topic of several other research reports. Benchmark reaffirmed a “buy” rating and issued a $160.00 price objective on shares of PDD in a research report on Friday. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Nomura reaffirmed a “neutral” rating and set a $130.00 target price (down from $137.00) on shares of PDD in a research report on Thursday. Finally, Jefferies Financial Group cut their price target on PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research note on Thursday. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $169.91.

PDD Price Performance

Shares of NASDAQ PDD traded down $3.96 during midday trading on Friday, reaching $126.96. The stock had a trading volume of 7,369,914 shares, compared to its average volume of 10,452,557. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. PDD has a 12-month low of $88.01 and a 12-month high of $164.69. The stock has a 50-day moving average of $115.12 and a 200-day moving average of $112.92. The company has a market capitalization of $174.68 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Thursday, March 20th. The company reported $20.15 EPS for the quarter, beating analysts’ consensus estimates of $2.56 by $17.59. PDD had a return on equity of 46.08% and a net margin of 29.05%. The business had revenue of $110.61 billion for the quarter, compared to analysts’ expectations of $115.77 billion. During the same period last year, the firm earned $17.32 earnings per share. The business’s quarterly revenue was up 24.4% on a year-over-year basis. As a group, research analysts anticipate that PDD will post 10.24 EPS for the current fiscal year.

Hedge Funds Weigh In On PDD

Several institutional investors and hedge funds have recently added to or reduced their stakes in PDD. Prospera Private Wealth LLC bought a new stake in shares of PDD in the 3rd quarter valued at about $27,000. Nisa Investment Advisors LLC purchased a new stake in PDD during the fourth quarter valued at approximately $39,000. Avior Wealth Management LLC boosted its stake in PDD by 50.9% in the third quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock valued at $68,000 after acquiring an additional 169 shares in the last quarter. Brooklyn Investment Group boosted its stake in PDD by 340.3% in the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after acquiring an additional 405 shares in the last quarter. Finally, Global Retirement Partners LLC grew its holdings in PDD by 939.6% in the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after purchasing an additional 498 shares during the last quarter. Hedge funds and other institutional investors own 39.83% 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.