JPMorgan Chase & Co. Downgrades PDD (NASDAQ:PDD) to Neutral

JPMorgan Chase & Co. lowered shares of PDD (NASDAQ:PDD) from an overweight rating to a neutral rating in a research report sent to investors on Friday morning, Marketbeat.com reports. The firm currently has $105.00 target price on the stock, down from their previous target price of $170.00.

Several other equities research analysts have also commented on the stock. Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Bank of America reduced their price objective on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Finally, Jefferies Financial Group reduced their price target on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $173.40.

PDD Trading Up 0.6 %

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

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating the consensus estimate of $2.66 by $20.58. The business had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 46.08% and a net margin of 29.05%. The company’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.27 earnings per share. Equities research analysts predict that PDD will post 11.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PDD

Several hedge funds and other institutional investors have recently bought and sold shares of PDD. Prime Capital Investment Advisors LLC raised its holdings in shares of PDD by 5.2% during the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock valued at $244,000 after purchasing an additional 89 shares during the last quarter. Ballentine Partners LLC raised its stake in PDD by 4.6% during the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock valued at $359,000 after buying an additional 120 shares during the last quarter. Parallel Advisors LLC raised its stake in PDD by 5.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock valued at $324,000 after buying an additional 122 shares during the last quarter. Legacy Capital Group California Inc. lifted its holdings in shares of PDD by 6.8% during the 2nd quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock valued at $277,000 after buying an additional 133 shares during the period. Finally, OneDigital Investment Advisors LLC boosted its stake in shares of PDD by 6.8% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock worth $354,000 after buying an additional 166 shares during the last quarter. Institutional investors 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.