PDD (NASDAQ:PDD) Shares Gap Up to $135.38

PDD Holdings Inc. (NASDAQ:PDD) gapped up before the market opened on Monday . The stock had previously closed at $135.38, but opened at $141.90. PDD shares last traded at $138.99, with a volume of 7,593,843 shares.

Analyst Ratings Changes

PDD has been the subject of a number of analyst reports. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Macquarie cut shares of PDD from an “outperform” rating to a “neutral” rating in a report on Monday, August 26th. Barclays dropped 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. Bank of America reduced their price target on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Finally, Nomura Securities raised PDD to a “strong-buy” rating 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 company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $177.78.

PDD Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. The company has a 50 day moving average price of $118.45 and a 200 day moving average price of $128.63. The firm has a market cap of $185.40 billion, a PE ratio of 17.93, a PEG ratio of 0.28 and a beta of 0.69.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping analysts’ consensus estimates 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%. PDD’s quarterly revenue was up 85.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.27 EPS. Sell-side analysts expect that PDD Holdings Inc. will post 11.05 EPS for the current fiscal year.

Hedge Funds Weigh In On PDD

A number of large investors have recently modified their holdings of PDD. Hhlr Advisors LTD. boosted its stake in shares of PDD by 37.5% in the fourth quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock valued at $1,479,333,000 after buying an additional 2,760,100 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of PDD by 107.8% during the 2nd 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 in the last quarter. Tairen Capital Ltd boosted its position in shares of PDD by 49.8% during the 2nd 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 in the last quarter. Dragoneer Investment Group LLC grew its stake in shares of PDD by 142.6% during the 2nd 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 period. Finally, Renaissance Technologies LLC purchased a new position in shares of PDD in the 2nd quarter valued at about $176,332,000. 29.07% of the stock is owned by hedge funds and other 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.