PDD (NASDAQ:PDD) Shares Down 0.9%

PDD Holdings Inc. (NASDAQ:PDD)’s stock price dropped 0.9% during trading on Wednesday . The company traded as low as $138.10 and last traded at $138.71. Approximately 1,933,755 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 8,808,113 shares. The stock had previously closed at $140.00.

Wall Street Analysts Forecast Growth

PDD has been the subject of a number of research reports. Bank of America raised their price target on shares of PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. The Goldman Sachs Group upgraded shares of PDD from a “neutral” rating to a “buy” rating and raised their price target for the stock from $145.00 to $184.00 in a report on Friday, May 24th. Benchmark raised their price objective on shares of PDD from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Sanford C. Bernstein raised their price objective on shares of PDD from $180.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. Finally, Barclays raised their price objective on shares of PDD from $178.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, PDD currently has a consensus rating of “Buy” and a consensus price target of $188.33.

PDD Price Performance

The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. The business’s 50-day moving average is $140.79 and its two-hundred day moving average is $134.96. The company has a market capitalization of $181.53 billion, a P/E ratio of 17.48, a price-to-earnings-growth ratio of 0.24 and a beta of 0.64.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Wednesday, May 22nd. The company reported $2.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $1.19. PDD had a net margin of 26.93% and a return on equity of 45.04%. The company had revenue of $12.02 billion for the quarter, compared to analyst estimates of $10.62 billion. As a group, analysts predict that PDD Holdings Inc. will post 11.41 earnings per share for the current year.

Institutional Trading of PDD

Large investors have recently added to or reduced their stakes in the stock. SRS Capital Advisors Inc. increased its holdings in PDD by 294.4% during the third quarter. SRS Capital Advisors Inc. now owns 280 shares of the company’s stock worth $27,000 after buying an additional 209 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in PDD during the first quarter worth about $29,000. Gordian Capital Singapore Pte Ltd purchased a new stake in PDD during the fourth quarter worth about $59,000. EverSource Wealth Advisors LLC grew its position in PDD by 31.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 427 shares of the company’s stock worth $62,000 after buying an additional 101 shares in the last quarter. Finally, AJOVista LLC purchased a new position in PDD during the fourth quarter worth about $103,000. Hedge funds and other institutional investors own 29.07% of the company’s stock.

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.