PDD (NASDAQ:PDD) Shares Gap Up to $102.30

Shares of PDD Holdings Inc. (NASDAQ:PDD) gapped up prior to trading on Tuesday . The stock had previously closed at $102.30, but opened at $108.31. PDD shares last traded at $108.35, with a volume of 7,146,013 shares traded.

Wall Street Analysts Forecast Growth

PDD has been the topic of a number of research reports. Barclays cut their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 27th. Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. Macquarie cut shares of PDD from an “outperform” rating to a “neutral” rating in a research report on Monday, August 26th. Jefferies Financial Group cut their price target on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Finally, Daiwa America raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Two equities research 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $177.78.

PDD Price Performance

The stock has a market cap of $153.62 billion, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. The company has a 50-day simple moving average of $119.26 and a two-hundred day simple moving average of $128.42.

PDD (NASDAQ:PDD) last posted its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping 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 analyst estimates of $100.17 billion. During the same period in the previous year, the firm earned $1.27 EPS. The firm’s revenue was up 85.7% compared to the same quarter last year. As a group, equities research analysts forecast that PDD Holdings Inc. will post 11.05 EPS for the current year.

Institutional Investors Weigh In On PDD

Several institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. raised its holdings in PDD by 1.0% in the 2nd quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock valued at $4,670,322,000 after acquiring an additional 348,130 shares in the last quarter. Vanguard Group Inc. increased its position in shares of PDD by 0.4% in the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock worth $2,820,408,000 after purchasing an additional 97,648 shares during the period. Hhlr Advisors LTD. raised its stake in PDD by 16.6% in the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after purchasing an additional 1,680,600 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in PDD by 16.2% during the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after purchasing an additional 826,525 shares during the period. Finally, Tairen Capital Ltd lifted its position in PDD by 49.8% during the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after purchasing an additional 1,788,076 shares during the period. 29.07% of the stock is currently owned by institutional investors.

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.