PDD (NASDAQ:PDD) Trading Up 1.9%

PDD Holdings Inc. (NASDAQ:PDD)’s stock price shot up 1.9% on Thursday . The company traded as high as $101.90 and last traded at $100.10. 3,552,383 shares were traded during trading, a decline of 63% from the average session volume of 9,653,160 shares. The stock had previously closed at $98.23.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. UBS Group raised their price target on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Benchmark lowered their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, Jefferies Financial Group reduced their price target on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $177.78.

PDD Stock Up 2.2 %

The stock has a market cap of $138.11 billion, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69. The firm has a 50 day simple moving average of $121.61 and a 200-day simple moving average of $128.75. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last posted its quarterly earnings results 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. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter in the prior year, the business earned $1.27 EPS. The firm’s revenue for the quarter was up 85.7% on a year-over-year basis. On average, equities research analysts forecast that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in PDD during the 2nd quarter worth $1,211,000. Teachers Retirement System of The State of Kentucky bought a new position in PDD during the second quarter worth about $15,329,000. Cetera Investment Advisers raised its stake in 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 in the last quarter. NewEdge Advisors LLC boosted its holdings in PDD by 9.4% in the 2nd quarter. NewEdge Advisors LLC now owns 15,207 shares of the company’s stock valued at $2,022,000 after purchasing an additional 1,304 shares during the period. Finally, Creative Planning grew its position in shares of PDD by 29.4% during the 2nd quarter. Creative Planning now owns 20,625 shares of the company’s stock worth $2,742,000 after purchasing an additional 4,680 shares in the last quarter. 29.07% of the stock is owned by 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.