PDD (NASDAQ:PDD) Shares Down 0.7%

PDD Holdings Inc. (NASDAQ:PDDGet Free Report) dropped 0.7% on Monday . The company traded as low as $147.33 and last traded at $147.93. Approximately 1,224,768 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 8,876,883 shares. The stock had previously closed at $148.98.

Wall Street Analysts Forecast Growth

Several analysts have commented on PDD shares. Citigroup raised their price objective on PDD from $185.00 to $198.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Sanford C. Bernstein boosted their price target on shares of PDD from $180.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. The Goldman Sachs Group raised shares of PDD from a “neutral” rating to a “buy” rating and increased their price objective for the company from $145.00 to $184.00 in a report on Friday, May 24th. Benchmark boosted their target price on shares of PDD from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of PDD from $195.00 to $190.00 and set an “overweight” rating on the stock in a research note on Thursday, March 21st. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $188.33.

Check Out Our Latest Report on PDD

PDD Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a 50 day simple moving average of $136.63 and a two-hundred day simple moving average of $134.90. The company has a market cap of $203.77 billion, a price-to-earnings ratio of 19.59, a price-to-earnings-growth ratio of 0.26 and a beta of 0.64.

PDD (NASDAQ:PDDGet Free Report) last announced its quarterly earnings results on Wednesday, May 22nd. The company reported $2.63 earnings per share for the quarter, beating the consensus estimate of $1.44 by $1.19. PDD had a net margin of 26.93% and a return on equity of 45.04%. The firm had revenue of $12.02 billion for the quarter, compared to analysts’ expectations of $10.62 billion. On average, equities research analysts predict that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

Institutional Trading of PDD

A number of hedge funds and other institutional investors have recently made changes to their positions in PDD. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in PDD in the 3rd quarter valued at about $238,000. Rhumbline Advisers lifted its holdings in shares of PDD by 28.0% in the 3rd quarter. Rhumbline Advisers now owns 102,131 shares of the company’s stock worth $10,016,000 after acquiring an additional 22,313 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of PDD during the 3rd quarter worth approximately $1,218,000. Nordea Investment Management AB increased its holdings in PDD by 17.8% in the 3rd quarter. Nordea Investment Management AB now owns 277,045 shares of the company’s stock valued at $27,181,000 after purchasing an additional 41,892 shares during the last quarter. Finally, Balentine LLC increased its holdings in PDD by 10.6% in the 3rd quarter. Balentine LLC now owns 4,982 shares of the company’s stock valued at $489,000 after purchasing an additional 476 shares during the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.

PDD Company Profile

(Get Free Report)

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.

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