PDD (NASDAQ:PDD) Given New $160.00 Price Target at Benchmark

PDD (NASDAQ:PDD) had its target price cut by equities researchers at Benchmark from $185.00 to $160.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price objective would indicate a potential upside of 60.22% from the company’s current price.

A number of other equities research analysts also recently weighed in on PDD. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $126.00 to $224.00 in a research report on Monday, October 7th. Bank of America reduced their price objective on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating in a research report on Friday. Nomura Securities raised PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Sanford C. Bernstein lowered their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, PDD has an average rating of “Buy” and a consensus price target of $181.90.

PDD Stock Performance

Shares of PDD stock traded down $4.23 during trading hours on Friday, reaching $99.86. 7,047,051 shares of the company’s stock were exchanged, compared to its average volume of 10,646,756. PDD has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $137.39 billion, a P/E ratio of 10.84, a P/E/G ratio of 0.28 and a beta of 0.71. The business has a fifty day moving average price of $123.14 and a 200-day moving average price of $130.03.

PDD (NASDAQ:PDD) last released its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating the consensus estimate of $2.66 by $20.58. The firm had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business’s quarterly revenue was up 85.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.27 EPS. Analysts predict that PDD will post 11.19 EPS for the current fiscal year.

Hedge Funds Weigh In On PDD

Several institutional investors have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in PDD by 1,374.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after purchasing an additional 12,253,589 shares during the last quarter. H&H International Investment LLC increased its stake in shares of PDD by 3,693.8% in the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock valued at $526,784,000 after buying an additional 3,804,600 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of 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 in the last quarter. Tairen Capital Ltd raised its holdings in shares of PDD by 49.8% in the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after buying an additional 1,788,076 shares during the last quarter. Finally, FMR LLC lifted its position in PDD by 8.6% during the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after buying an additional 1,654,764 shares in the last quarter. 29.07% of the stock is owned by 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.