Shares of PDD Holdings Inc. (NASDAQ:PDD – Get Free Report) saw strong trading volume on Thursday . 17,372,038 shares were traded during trading, an increase of 77% from the previous session’s volume of 9,813,876 shares.The stock last traded at $124.94 and had previously closed at $113.94.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on the stock. Bank of America lowered their target price 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. Sanford C. Bernstein lowered their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. Nomura Securities raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Benchmark lowered their target price on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Finally, Barclays decreased their price target on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $177.78.
View Our Latest Research Report on PDD
PDD Trading Up 13.1 %
PDD (NASDAQ:PDD – Get Free Report) last posted its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping the consensus estimate of $2.66 by $20.58. The company had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.27 earnings per share. As a group, equities research analysts predict that PDD Holdings Inc. will post 11.05 earnings per share for the current year.
Institutional Investors Weigh In On PDD
Hedge funds and other institutional investors have recently made changes to their positions in the business. Hhlr Advisors LTD. boosted its holdings in PDD by 37.5% during the fourth quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock worth $1,479,333,000 after purchasing an additional 2,760,100 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in PDD by 107.8% during the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock worth $487,984,000 after purchasing an additional 1,904,155 shares during the last quarter. Tairen Capital Ltd boosted its holdings 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 last quarter. Dragoneer Investment Group LLC boosted its holdings in PDD by 142.6% during the second quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company’s stock worth $348,440,000 after purchasing an additional 1,540,346 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in PDD during the second quarter worth about $176,332,000. 29.07% of the stock is 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.
Further Reading
- Five stocks we like better than PDD
- 5 Top Rated Dividend Stocks to Consider
- Rocket Lab Stock Soars: Should Investors Chase the Rally?
- What Does Downgrade Mean in Investing?
- KB Home Slips After Earnings: What’s Next for Homebuilders?
- Natural Gas Prices Continue To Rally, These Stocks Should Benefit
- Micron Stock Soars as AI Demand Fuels Big Q4 Earnings Beat
Receive News & Ratings for PDD Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDD and related companies with MarketBeat.com's FREE daily email newsletter.