PDD Holdings Inc. (NASDAQ:PDD) Given Consensus Recommendation of “Buy” by Brokerages

Shares of PDD Holdings Inc. (NASDAQ:PDD) have received an average rating of “Buy” from the twelve research firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $182.40.

A number of brokerages have weighed in on PDD. Daiwa America raised shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Jefferies Financial Group dropped their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Sanford C. Bernstein dropped their price objective 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. Benchmark dropped their price objective 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, Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th.

PDD Price Performance

NASDAQ PDD opened at $136.03 on Tuesday. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. PDD has a 1 year low of $88.01 and a 1 year high of $164.69. The company has a fifty day simple moving average of $122.07 and a 200 day simple moving average of $130.38. The company has a market cap of $187.16 billion, a P/E ratio of 18.02, a P/E/G ratio of 0.35 and a beta of 0.71.

PDD (NASDAQ:PDD) last issued 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 net margin of 28.92% and a return on equity of 48.14%. The firm had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. During the same period in the prior year, the firm earned $1.27 EPS. The business’s revenue was up 85.7% on a year-over-year basis. On average, sell-side analysts predict that PDD will post 11.05 EPS for the current year.

Institutional Investors Weigh In On PDD

A number of hedge funds have recently made changes to their positions in the company. Ballentine Partners LLC increased its position in PDD by 4.6% in the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock valued at $359,000 after acquiring an additional 120 shares in the last quarter. Parallel Advisors LLC increased its position in PDD by 5.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock valued at $324,000 after acquiring an additional 122 shares in the last quarter. Legacy Capital Group California Inc. increased its position in PDD by 6.8% in the 2nd quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock valued at $277,000 after acquiring an additional 133 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in PDD by 1.2% in the 1st quarter. Oppenheimer & Co. Inc. now owns 14,010 shares of the company’s stock valued at $1,629,000 after acquiring an additional 168 shares in the last quarter. Finally, CWM LLC increased its position in PDD by 19.3% in the 3rd quarter. CWM LLC now owns 1,046 shares of the company’s stock valued at $141,000 after acquiring an additional 169 shares in the last quarter. Institutional investors and hedge funds 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.