PDD (NASDAQ:PDD) Trading Down 0.9%

PDD Holdings Inc. (NASDAQ:PDD)’s share price dropped 0.9% on Wednesday . The company traded as low as $138.10 and last traded at $138.71. Approximately 1,933,755 shares changed hands during trading, a decline of 78% from the average daily volume of 8,808,113 shares. The stock had previously closed at $140.00.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. The Goldman Sachs Group raised shares of PDD from a “neutral” rating to a “buy” rating and increased their price target for the stock from $145.00 to $184.00 in a research report on Friday, May 24th. JPMorgan Chase & Co. decreased their price target on shares of PDD from $195.00 to $190.00 and set an “overweight” rating on the stock in a research report on Thursday, March 21st. Bank of America lifted 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. Sanford C. Bernstein lifted their target price on shares of PDD from $180.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. Finally, UBS Group upped their target price on shares of PDD from $248.00 to $272.00 and gave the company a “buy” rating in a research note on Wednesday, May 22nd. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, PDD currently has an average rating of “Buy” and an average target price of $188.33.

PDD Stock Down 1.3 %

The company’s 50-day moving average price is $140.29 and its 200 day moving average price is $134.94. The stock has a market cap of $190.10 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 0.24 and a beta of 0.64. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.09 and a current ratio of 2.09.

PDD (NASDAQ:PDD) last issued its quarterly 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 return on equity of 45.04% and a net margin of 26.93%. The company had revenue of $12.02 billion during the quarter, compared to the consensus estimate of $10.62 billion. As a group, analysts forecast that PDD Holdings Inc. will post 11.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. SC US Ttgp LTD. raised its stake in PDD by 1,414.4% during the third quarter. SC US Ttgp LTD. now owns 48,233,322 shares of the company’s stock valued at $4,730,242,000 after buying an additional 45,048,300 shares in the last quarter. Norges Bank acquired a new stake in PDD during the fourth quarter worth about $1,075,172,000. Vanguard Group Inc. grew its position in PDD by 38.0% during the third quarter. Vanguard Group Inc. now owns 24,101,615 shares of the company’s stock worth $2,363,645,000 after buying an additional 6,637,418 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of PDD by 15,755.1% in the first quarter. Assenagon Asset Management S.A. now owns 5,087,255 shares of the company’s stock valued at $591,393,000 after acquiring an additional 5,055,169 shares during the last quarter. Finally, Hhlr Advisors LTD. raised its position in PDD by 37.5% in 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 last quarter. 29.07% of the stock is currently 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.