PDD (NASDAQ:PDD) Price Target Lowered to $185.00 at Benchmark

PDD (NASDAQ:PDD) had its price objective lowered by Benchmark from $230.00 to $185.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target suggests a potential upside of 107.47% from the stock’s current price.

Other research analysts have also issued reports about the stock. Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and lowered their target price for the company from $194.00 to $120.00 in a research note on Tuesday. Jefferies Financial Group dropped their price objective on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research note on Monday. The Goldman Sachs Group upgraded PDD from a “neutral” rating to a “buy” rating and increased their target price for the company from $145.00 to $184.00 in a research note on Friday, May 24th. Sanford C. Bernstein dropped their price target on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, 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. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, PDD presently has a consensus rating of “Moderate Buy” and a consensus price target of $163.33.

PDD Price Performance

NASDAQ PDD opened at $89.17 on Tuesday. The firm has a market cap of $122.69 billion, a P/E ratio of 11.81, a price-to-earnings-growth ratio of 0.26 and a beta of 0.63. The stock’s 50-day moving average is $135.34 and its two-hundred day moving average is $132.70. PDD has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09.

PDD (NASDAQ:PDD) last issued 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 business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. PDD had a return on equity of 45.04% and a net margin of 26.93%. The firm’s revenue was up 85.7% compared to the same quarter last year. During the same period last year, the business earned $1.27 EPS. On average, analysts anticipate that PDD will post 11.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PDD

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Baillie Gifford & Co. raised its position in PDD by 1.0% in the second quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock worth $4,670,322,000 after purchasing an additional 348,130 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of PDD by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock worth $2,820,408,000 after buying an additional 97,648 shares in the last quarter. Hhlr Advisors LTD. lifted its position in shares of PDD by 16.6% during the 1st quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock worth $1,370,767,000 after buying an additional 1,680,600 shares during the period. Norges Bank acquired a new stake in PDD in the 4th quarter valued at $1,075,172,000. Finally, Assenagon Asset Management S.A. grew its position in PDD by 16.2% in the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after acquiring an additional 826,525 shares during the period. 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.