Benchmark Cuts PDD (NASDAQ:PDD) Price Target to $160.00

PDD (NASDAQ:PDD) had its price objective lowered by Benchmark from $185.00 to $160.00 in a research report released on Friday,Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other research firms have also commented on PDD. Bank of America dropped their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Sanford C. Bernstein reduced their price objective on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 27th. Jefferies Financial Group dropped their target price on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Macquarie raised PDD from a “neutral” rating to an “outperform” rating and upped their target price for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $173.40.

PDD Stock Down 3.9 %

Shares of NASDAQ PDD opened at $100.07 on Friday. The stock has a market capitalization of $137.68 billion, a price-to-earnings ratio of 9.77, a P/E/G ratio of 0.25 and a beta of 0.71. PDD has a 12-month low of $88.01 and a 12-month high of $164.69. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The firm’s 50-day moving average price is $123.24 and its 200-day moving average price is $129.64.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a return on equity of 49.53% and a net margin of 29.05%. The business had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. During the same period last year, the company earned $1.27 EPS. The company’s revenue for the quarter was up 85.7% on a year-over-year basis. On average, equities research analysts anticipate that PDD will post 11.19 EPS for the current fiscal year.

Institutional Investors Weigh In On PDD

Hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. boosted its stake in shares of PDD by 39.5% during the first quarter. Advisors Asset Management Inc. now owns 1,767 shares of the company’s stock valued at $205,000 after purchasing an additional 500 shares in the last quarter. Caxton Associates LP purchased a new position in shares of PDD in the 1st quarter valued at $971,000. California State Teachers Retirement System raised its position in shares of PDD by 20.2% in the 1st quarter. California State Teachers Retirement System now owns 217,319 shares of the company’s stock worth $25,263,000 after acquiring an additional 36,595 shares in the last quarter. iA Global Asset Management Inc. lifted its stake in shares of PDD by 6.5% during the 1st quarter. iA Global Asset Management Inc. now owns 73,060 shares of the company’s stock worth $8,493,000 after purchasing an additional 4,467 shares during the last quarter. Finally, Artal Group S.A. boosted its position in PDD by 73.8% during the first quarter. Artal Group S.A. now owns 56,500 shares of the company’s stock valued at $6,568,000 after purchasing an additional 24,000 shares in the last quarter. 29.07% of the stock is currently owned by hedge funds and other 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.