PDD (NASDAQ:PDD) Shares Gap Up – Here’s What Happened

PDD Holdings Inc. (NASDAQ:PDD)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $124.86, but opened at $128.22. PDD shares last traded at $134.36, with a volume of 5,745,188 shares.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Nomura Securities raised shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Bank of America decreased their price objective 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. Sanford C. Bernstein lowered their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. Daiwa America raised shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Benchmark lowered their price objective on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, PDD currently has a consensus rating of “Buy” and a consensus target price of $182.40.

PDD Stock Performance

The company has a market capitalization of $179.51 billion, a price-to-earnings ratio of 17.80, a P/E/G ratio of 0.33 and a beta of 0.71. The company has a 50 day moving average price of $120.96 and a 200 day moving average price of $130.65. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11.

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

Institutional Investors Weigh In On PDD

Hedge funds and other institutional investors have recently made changes to their positions in the business. TB Alternative Assets Ltd. lifted its stake in PDD by 33.7% during the 3rd quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock valued at $23,342,000 after acquiring an additional 43,648 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of PDD by 13.3% during the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after purchasing an additional 27,567 shares in the last quarter. Jupiter Asset Management Ltd. boosted its holdings in PDD by 63.7% during the second quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock worth $30,700,000 after purchasing an additional 89,853 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in PDD by 16.2% during the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after purchasing an additional 826,525 shares during the last quarter. Finally, Sei Investments Co. grew its position in PDD by 130.6% in the 2nd quarter. Sei Investments Co. now owns 498,237 shares of the company’s stock worth $66,240,000 after purchasing an additional 282,199 shares in the last quarter. 29.07% of the stock is owned by institutional investors.

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.