Benchmark Cuts PDD (NASDAQ:PDD) Price Target to $160.00

PDD (NASDAQ:PDD) had its target price trimmed by Benchmark from $185.00 to $160.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently commented on PDD. Barclays lowered their price objective on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Sanford C. Bernstein lowered their price target on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a report on Tuesday, August 27th. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $126.00 to $224.00 in a research note on Monday, October 7th. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $170.00 to $105.00 in a research note on Friday. Finally, Bank of America reduced their price target on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $173.40.

PDD Stock Up 0.6 %

PDD stock opened at $100.69 on Friday. PDD has a 52 week low of $88.01 and a 52 week high of $164.69. The business has a 50-day simple moving average of $123.31 and a 200 day simple moving average of $129.39. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market cap of $138.54 billion, a PE ratio of 9.83, a price-to-earnings-growth ratio of 0.24 and a beta of 0.71.

PDD (NASDAQ:PDD) last issued its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a net margin of 29.05% and a return on equity of 46.08%. The company had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. During the same period in the previous year, the company earned $1.27 EPS. The business’s revenue for the quarter was up 85.7% compared to the same quarter last year. Sell-side analysts anticipate that PDD will post 11.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. boosted its position in PDD by 39.5% during the first quarter. Advisors Asset Management Inc. now owns 1,767 shares of the company’s stock valued at $205,000 after acquiring an additional 500 shares during the last quarter. Caxton Associates LP bought a new stake in shares of PDD during the 1st quarter valued at about $971,000. California State Teachers Retirement System grew its stake in PDD by 20.2% during the first quarter. California State Teachers Retirement System now owns 217,319 shares of the company’s stock worth $25,263,000 after purchasing an additional 36,595 shares during the period. iA Global Asset Management Inc. increased its holdings in PDD by 6.5% in the first quarter. iA Global Asset Management Inc. now owns 73,060 shares of the company’s stock worth $8,493,000 after purchasing an additional 4,467 shares in the last quarter. Finally, Artal Group S.A. lifted its stake in PDD by 73.8% in the first quarter. Artal Group S.A. now owns 56,500 shares of the company’s stock valued at $6,568,000 after buying an additional 24,000 shares during the period. 29.07% of the stock is owned by institutional investors and hedge funds.

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.