PDD (NASDAQ:PDD) Upgraded to Outperform at Macquarie

PDD (NASDAQ:PDD) was upgraded by research analysts at Macquarie from a “neutral” rating to an “outperform” rating in a research note issued on Monday, Marketbeat Ratings reports. The firm presently has a $224.00 price target on the stock, up from their previous price target of $126.00. Macquarie’s target price would suggest a potential upside of 54.63% from the company’s previous close.

Several other analysts also recently issued reports on the company. Bank of America reduced their price target on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Barclays decreased their price target on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 27th. Daiwa America raised shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Sanford C. Bernstein cut their price objective on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a report on Tuesday, August 27th. Finally, Jefferies Financial Group lowered their target price on shares of PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a report on Monday, August 26th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, PDD has an average rating of “Buy” and an average target price of $182.40.

PDD Stock Down 5.4 %

PDD opened at $144.86 on Monday. 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 stock’s fifty day simple moving average is $120.57 and its 200 day simple moving average is $129.59. PDD has a 1-year low of $88.01 and a 1-year high of $164.69. The stock has a market cap of $199.31 billion, a PE ratio of 19.19, a price-to-earnings-growth ratio of 0.37 and a beta of 0.71.

PDD (NASDAQ:PDD) last posted its earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) 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 company had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter last year, the company posted $1.27 EPS. PDD’s quarterly revenue was up 85.7% compared to the same quarter last year. As a group, research analysts expect that PDD will post 11.05 earnings per share for the current year.

Institutional Investors Weigh In On PDD

A number of hedge funds and other institutional investors have recently bought and sold shares of PDD. Ballentine Partners LLC boosted its stake in shares of PDD by 4.6% during the second quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock valued at $359,000 after purchasing an additional 120 shares in the last quarter. Parallel Advisors LLC grew its holdings in PDD by 5.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock worth $324,000 after acquiring an additional 122 shares during the last quarter. Legacy Capital Group California Inc. increased its position in PDD by 6.8% in the 2nd quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock valued at $277,000 after acquiring an additional 133 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of PDD by 1.2% during the first quarter. Oppenheimer & Co. Inc. now owns 14,010 shares of the company’s stock valued at $1,629,000 after acquiring an additional 168 shares during the last quarter. Finally, CWM LLC increased its holdings in PDD by 19.3% in the third quarter. CWM LLC now owns 1,046 shares of the company’s stock valued at $141,000 after purchasing an additional 169 shares during the period. 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.