PDD (NASDAQ:PDD) Shares Gap Down – Here’s What Happened

PDD Holdings Inc. (NASDAQ:PDD) gapped down before the market opened on Wednesday . The stock had previously closed at $144.86, but opened at $139.98. PDD shares last traded at $141.53, with a volume of 4,673,409 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PDD shares. Barclays cut their target price on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 27th. Sanford C. Bernstein dropped their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 27th. Jefferies Financial Group reduced 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, August 26th. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $126.00 to $224.00 in a research note on Monday. Finally, Citigroup lowered PDD from a “buy” rating to a “neutral” rating and reduced their target price for the company from $194.00 to $120.00 in a report on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $182.40.

PDD Stock Performance

The stock has a market capitalization of $195.54 billion, a P/E ratio of 19.19, a PEG ratio of 0.37 and a beta of 0.71. 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 company has a 50-day moving average price of $121.00 and a two-hundred day moving average price of $129.74.

PDD (NASDAQ:PDD) last posted its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping 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 business had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. During the same quarter in the prior year, the firm posted $1.27 EPS. PDD’s revenue was up 85.7% on a year-over-year basis. Equities analysts expect that PDD Holdings Inc. will post 11.05 earnings per share for the current year.

Hedge Funds Weigh In On PDD

Institutional investors have recently made changes to their positions in the stock. Hhlr Advisors LTD. lifted its holdings in shares of PDD by 37.5% during the 4th quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock worth $1,479,333,000 after acquiring an additional 2,760,100 shares during the last quarter. Acadian Asset Management LLC lifted its stake in PDD by 107.8% during the second 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 during the last quarter. Tairen Capital Ltd boosted its holdings in shares of PDD by 49.8% in 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 increased its position 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 valued at $348,440,000 after purchasing an additional 1,540,346 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of PDD during the 2nd quarter valued at about $176,332,000. Institutional investors 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.