PDD (NASDAQ:PDD) Trading Down 3.6% After Analyst Downgrade

Shares of PDD Holdings Inc. (NASDAQ:PDD) were down 3.6% on Friday after Benchmark lowered their price target on the stock from $185.00 to $160.00. Benchmark currently has a buy rating on the stock. PDD traded as low as $100.12 and last traded at $100.33. Approximately 5,460,291 shares were traded during trading, a decline of 49% from the average daily volume of 10,646,756 shares. The stock had previously closed at $104.09.

A number of other analysts also recently issued reports on PDD. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating in a research report on Friday. Daiwa America raised PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Barclays dropped their price objective on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 27th. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Finally, 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. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, PDD currently has a consensus rating of “Buy” and an average target price of $181.90.

Institutional Investors Weigh In On PDD

Large investors have recently modified their holdings of the business. TT International Asset Management LTD acquired a new position in PDD during the 3rd quarter worth approximately $74,430,000. Geode Capital Management LLC lifted its stake in shares of PDD by 12.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock valued at $627,104,000 after acquiring an additional 513,248 shares during the last quarter. Sylebra Capital LLC lifted its stake in shares of PDD by 207.7% in the 3rd quarter. Sylebra Capital LLC now owns 492,166 shares of the company’s stock valued at $66,349,000 after acquiring an additional 332,211 shares during the last quarter. ABS Direct Equity Fund LLC grew its position in PDD by 24.2% during the 3rd quarter. ABS Direct Equity Fund LLC now owns 60,100 shares of the company’s stock worth $8,102,000 after acquiring an additional 11,694 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in PDD during the 3rd quarter worth $2,134,000. Institutional investors and hedge funds own 29.07% of the company’s stock.

PDD Trading Down 4.2 %

The business has a fifty day simple moving average of $123.14 and a 200-day simple moving average of $130.03. The firm has a market cap of $137.26 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 0.28 and a beta of 0.71. 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 posted its earnings results on Monday, August 26th. The company reported $23.24 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 the consensus estimate of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm’s revenue was up 85.7% compared to the same quarter last year. During the same period last year, the company earned $1.27 EPS. As a group, equities analysts forecast that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

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.