Benchmark Reiterates Buy Rating for PDD (NASDAQ:PDD)

Benchmark reiterated their buy rating on shares of PDD (NASDAQ:PDD) in a research note published on Friday,Benzinga reports. Benchmark currently has a $160.00 price target on the stock.

A number of other analysts also recently commented on the stock. JPMorgan Chase & Co. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Nomura restated a “neutral” rating and issued a $130.00 target price (down from $137.00) on shares of PDD in a report on Thursday. Finally, Jefferies Financial Group lowered their price target on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research report on Thursday. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $169.91.

PDD Price Performance

PDD stock opened at $126.64 on Friday. The company has a fifty day simple moving average of $115.75 and a 200-day simple moving average of $113.38. The firm has a market capitalization of $174.24 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 0.32 and a beta of 0.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD has a 52-week low of $88.01 and a 52-week high of $164.69.

Institutional Trading of PDD

Institutional investors have recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC grew its stake in shares of PDD by 6.8% in the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock valued at $354,000 after buying an additional 166 shares in the last quarter. Prospera Financial Services Inc grew its position in PDD by 27.1% in the 3rd quarter. Prospera Financial Services Inc now owns 4,842 shares of the company’s stock valued at $653,000 after acquiring an additional 1,033 shares in the last quarter. Avior Wealth Management LLC increased its stake in PDD by 50.9% during the third quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock worth $68,000 after purchasing an additional 169 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of PDD during the third quarter worth about $27,000. Finally, Advisors Asset Management Inc. boosted its stake in shares of PDD by 39.9% in the third quarter. Advisors Asset Management Inc. now owns 4,148 shares of the company’s stock valued at $559,000 after purchasing an additional 1,184 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

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.