PDD Holdings Inc. (NASDAQ:PDD) Receives $177.78 Consensus Price Target from Analysts

PDD Holdings Inc. (NASDAQ:PDD) has received an average rating of “Buy” from the twelve analysts that are covering the firm, MarketBeat reports. Two 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. The average twelve-month price objective among brokerages that have covered the stock in the last year is $177.78.

PDD has been the topic of several recent analyst reports. Benchmark decreased their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Bank of America dropped their target price on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Barclays reduced their price target on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Jefferies Financial Group cut their price objective on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Finally, Daiwa America upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th.

PDD Stock Up 11.2 %

PDD opened at $113.80 on Friday. The firm’s 50 day simple moving average is $118.82 and its two-hundred day simple moving average is $128.45. The company has a market capitalization of $156.57 billion, a PE ratio of 15.07, a PEG ratio of 0.24 and a beta of 0.69. PDD has a 1-year low of $88.01 and a 1-year high of $164.69. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. The firm had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business’s quarterly revenue was up 85.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.27 EPS. As a group, equities analysts forecast that PDD will post 11.05 EPS for the current year.

Institutional Investors Weigh In On PDD

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new position in PDD in the 2nd quarter worth approximately $1,211,000. Teachers Retirement System of The State of Kentucky acquired a new position in PDD during the second quarter valued at $15,329,000. Cetera Investment Advisers lifted its position in PDD by 21.2% during the second quarter. Cetera Investment Advisers now owns 41,554 shares of the company’s stock valued at $5,525,000 after purchasing an additional 7,255 shares during the period. NewEdge Advisors LLC boosted its holdings in PDD by 9.4% in the second quarter. NewEdge Advisors LLC now owns 15,207 shares of the company’s stock valued at $2,022,000 after purchasing an additional 1,304 shares during the last quarter. Finally, Creative Planning grew its position in PDD by 29.4% during the 2nd quarter. Creative Planning now owns 20,625 shares of the company’s stock worth $2,742,000 after purchasing an additional 4,680 shares during the period. 29.07% of the stock is currently owned by institutional investors and hedge funds.

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.