PDD (NASDAQ:PDD) Downgraded to “Neutral” at Citigroup

PDD (NASDAQ:PDD) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a report issued on Tuesday, Briefing.com reports. They currently have a $120.00 price target on the stock, down from their prior price target of $194.00. Citigroup’s target price points to a potential upside of 20.00% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Benchmark boosted their price objective on shares of PDD from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Jefferies Financial Group reduced their price target on shares of PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research report on Monday. Bank of America lifted their price target on PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Macquarie cut shares of PDD from an “outperform” rating to a “neutral” rating in a research note on Monday. Finally, The Goldman Sachs Group upgraded shares of PDD from a “neutral” rating to a “buy” rating and raised their price objective for the company from $145.00 to $184.00 in a research note on Friday, May 24th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, PDD presently has an average rating of “Moderate Buy” and an average price target of $172.58.

PDD Price Performance

Shares of PDD stock opened at $100.00 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market cap of $137.59 billion, a P/E ratio of 13.25, a P/E/G ratio of 0.26 and a beta of 0.63. The business’s 50 day moving average price is $136.31 and its 200-day moving average price is $132.92. PDD has a fifty-two week low of $79.00 and a fifty-two week high of $164.69.

Institutional Investors Weigh In On PDD

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky purchased a new position in PDD in the second quarter worth about $15,329,000. Cetera Investment Advisers lifted its stake in shares of PDD by 21.2% in the 2nd quarter. Cetera Investment Advisers now owns 41,554 shares of the company’s stock worth $5,525,000 after purchasing an additional 7,255 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of PDD by 9.4% in the second quarter. NewEdge Advisors LLC now owns 15,207 shares of the company’s stock worth $2,022,000 after buying an additional 1,304 shares during the last quarter. Creative Planning grew its position in PDD by 29.4% during the second quarter. Creative Planning now owns 20,625 shares of the company’s stock valued at $2,742,000 after buying an additional 4,680 shares during the period. Finally, Copperwynd Financial LLC increased its holdings in PDD by 16.7% during the second quarter. Copperwynd Financial LLC now owns 16,638 shares of the company’s stock valued at $2,144,000 after buying an additional 2,378 shares during the last quarter. Hedge funds and other institutional investors own 29.07% of the company’s stock.

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.