PDD (NASDAQ:PDD) Shares Up 2.6%

PDD Holdings Inc. (NASDAQ:PDD) shot up 2.6% during mid-day trading on Monday . The stock traded as high as $142.32 and last traded at $141.60. 2,877,912 shares were traded during mid-day trading, a decline of 65% from the average session volume of 8,294,203 shares. The stock had previously closed at $138.04.

Wall Street Analysts Forecast Growth

Several research firms have commented on PDD. UBS Group upped their price objective on shares of PDD from $248.00 to $272.00 and gave the company a “buy” rating in a report on Wednesday, May 22nd. Bank of America boosted their price target on shares of PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Barclays raised their price objective on PDD from $178.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Citigroup boosted their target price on PDD from $185.00 to $198.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Finally, Benchmark boosted their price objective on shares of PDD from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $188.33.

PDD Trading Up 3.2 %

The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. The company’s 50 day simple moving average is $137.65 and its 200-day simple moving average is $132.01. The firm has a market cap of $196.06 billion, a P/E ratio of 18.75, a P/E/G ratio of 0.23 and a beta of 0.63.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Wednesday, May 22nd. The company reported $2.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $1.19. PDD had a net margin of 26.93% and a return on equity of 45.04%. The company had revenue of $12.02 billion during the quarter, compared to analyst estimates of $10.62 billion. As a group, research analysts predict that PDD Holdings Inc. will post 11.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PDD

Several institutional investors have recently bought and sold shares of PDD. Hsbc Holdings PLC grew its stake in PDD by 6.2% during the 2nd quarter. Hsbc Holdings PLC now owns 3,926,773 shares of the company’s stock worth $522,063,000 after buying an additional 228,505 shares during the last quarter. Beck Bode LLC purchased a new position in shares of PDD in the second quarter worth $16,113,000. Vanguard Personalized Indexing Management LLC grew its holdings in shares of PDD by 3.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 12,180 shares of the company’s stock valued at $1,613,000 after buying an additional 352 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in PDD by 56.1% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 13,219 shares of the company’s stock valued at $1,757,000 after purchasing an additional 4,750 shares during the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of PDD in the second quarter worth about $795,000. 29.07% of the stock is owned by hedge funds and other 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.