PDD (NASDAQ:PDD) Shares Down 1.1%

PDD Holdings Inc. (NASDAQ:PDD)’s share price dropped 1.1% on Wednesday . The company traded as low as $110.45 and last traded at $112.50. Approximately 4,981,969 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 9,763,607 shares. The stock had previously closed at $113.80.

Wall Street Analysts Forecast Growth

PDD has been the topic of a number of research analyst 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. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Bank of America cut their target price on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and cut their target price for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Finally, Benchmark cut their price target on shares of PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a report 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 issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $177.78.

PDD Trading Down 0.1 %

The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $156.41 billion, a P/E ratio of 14.90, a P/E/G ratio of 0.25 and a beta of 0.69. The firm’s 50 day simple moving average is $118.82 and its two-hundred day simple moving average is $128.45.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating the consensus estimate 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 previous year, the firm posted $1.27 earnings per share. The business’s revenue was up 85.7% compared to the same quarter last year. As a group, analysts forecast that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PDD

Several hedge funds and other institutional investors have recently made changes to their positions in PDD. Future Financial Wealth Managment LLC purchased a new position in PDD during the first quarter worth about $29,000. Ashton Thomas Private Wealth LLC purchased a new position in PDD during the second quarter worth about $32,000. Richardson Financial Services Inc. boosted its holdings in PDD by 3,883.3% during the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after purchasing an additional 233 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in PDD during the second quarter worth about $40,000. Finally, Mather Group LLC. boosted its stake in PDD by 1,106.3% in the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after acquiring an additional 354 shares during the last quarter. 29.07% of the stock is owned by institutional investors.

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.