PDD (NASDAQ:PDD) Trading 1.2% Higher

PDD Holdings Inc. (NASDAQ:PDD)’s stock price was up 1.2% during trading on Tuesday . The stock traded as high as $99.40 and last traded at $98.34. Approximately 2,602,379 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 9,692,612 shares. The stock had previously closed at $97.20.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PDD shares. Benchmark cut their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Barclays reduced their price objective on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. UBS Group lifted their target price on PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and reduced their price target for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Finally, Sanford C. Bernstein dropped their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 27th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $177.78.

PDD Stock Performance

The company has a market capitalization of $135.54 billion, a P/E ratio of 13.03, a P/E/G ratio of 0.24 and a beta of 0.69. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The company’s fifty day moving average is $123.19 and its 200 day moving average is $129.17.

PDD (NASDAQ:PDD) last announced its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a return on equity of 48.14% and a net margin of 28.92%. 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 business earned $1.27 earnings per share. The firm’s quarterly revenue was up 85.7% compared to the same quarter last year. As a group, equities analysts anticipate that PDD Holdings Inc. will post 11.05 earnings per share for the current year.

Hedge Funds Weigh In On PDD

A number of large investors have recently modified their holdings of PDD. Ashton Thomas Private Wealth LLC purchased a new stake in PDD during the 2nd quarter valued at about $32,000. Richardson Financial Services Inc. lifted its position in shares of PDD by 3,883.3% in the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after purchasing an additional 233 shares during the period. Future Financial Wealth Managment LLC purchased a new position in shares of PDD during the 1st quarter worth approximately $29,000. Mather Group LLC. lifted its position in PDD by 1,106.3% during the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after buying an additional 354 shares during the period. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of PDD during the 4th quarter valued at $59,000. 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.