PDD (NASDAQ:PDD) Price Target Cut to $185.00

PDD (NASDAQ:PDD) had its target price decreased by Benchmark from $230.00 to $185.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price indicates a potential upside of 85.00% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on PDD. Barclays boosted their price objective on shares of PDD from $178.00 to $224.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Jefferies Financial Group lowered their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research report on Monday. UBS Group upped their price target on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Macquarie cut shares of PDD from an “outperform” rating to a “neutral” rating in a research report on Monday. Finally, Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and cut their price target for the company from $194.00 to $120.00 in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $168.83.

PDD Stock Performance

Shares of NASDAQ:PDD opened at $100.00 on Tuesday. The company has a market capitalization of $137.59 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 0.26 and a beta of 0.63. PDD has a 12 month low of $79.00 and a 12 month high of $164.69. The firm’s 50-day moving average is $136.31 and its 200 day moving average is $132.92. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.02.

Institutional Investors Weigh In On PDD

Hedge funds have recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC purchased a new position in PDD during the second quarter worth about $32,000. Richardson Financial Services Inc. increased its holdings in PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after buying an additional 233 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of PDD during the 1st quarter worth approximately $29,000. Mather Group LLC. increased its stake in shares of PDD by 1,106.3% during the 2nd quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after purchasing an additional 354 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in shares of PDD during the 4th quarter worth approximately $59,000. Institutional investors and hedge funds own 29.07% 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.