PDD (NASDAQ:PDD) Shares Down 1.6%

PDD Holdings Inc. (NASDAQ:PDD) shares dropped 1.6% on Monday . The stock traded as low as $122.35 and last traded at $125.32. Approximately 2,895,743 shares changed hands during trading, a decline of 65% from the average daily volume of 8,345,673 shares. The stock had previously closed at $127.41.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PDD. Citigroup boosted their target price on PDD from $185.00 to $198.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Sanford C. Bernstein upped their price objective on shares of PDD from $180.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. The Goldman Sachs Group upgraded PDD from a “neutral” rating to a “buy” rating and lifted their price target for the company from $145.00 to $184.00 in a report on Friday, May 24th. Bank of America upped their price objective on shares of PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Finally, Benchmark boosted their price objective on shares of PDD from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $188.33.

PDD Stock Performance

The stock has a market cap of $183.20 billion, a price-to-earnings ratio of 17.64, a PEG ratio of 0.22 and a beta of 0.63. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.02. The firm has a fifty day simple moving average of $138.52 and a 200 day simple moving average of $132.14.

PDD (NASDAQ:PDD) last announced its quarterly earnings results on Wednesday, May 22nd. The company reported $2.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $1.19. The firm had revenue of $12.02 billion for the quarter, compared to analysts’ expectations of $10.62 billion. PDD had a return on equity of 45.04% and a net margin of 26.93%. As a group, sell-side analysts expect that PDD Holdings Inc. will post 11.41 earnings per share for the current year.

Institutional Trading of PDD

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in PDD in the fourth quarter valued at approximately $1,075,172,000. Assenagon Asset Management S.A. boosted its position in shares of 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 worth $591,393,000 after purchasing an additional 5,055,169 shares during the last quarter. Hhlr Advisors LTD. grew its stake 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 purchasing an additional 2,760,100 shares during the period. Baillie Gifford & Co. increased its holdings in PDD by 6.4% in the fourth quarter. Baillie Gifford & Co. now owns 37,960,238 shares of the company’s stock valued at $5,553,962,000 after purchasing an additional 2,292,068 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in PDD by 107.8% in the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock valued at $487,984,000 after buying an additional 1,904,155 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.