PDD (NASDAQ:PDD) Stock Price Up 0.3%

PDD Holdings Inc. (NASDAQ:PDD)’s share price rose 0.3% during mid-day trading on Friday . The company traded as high as $101.04 and last traded at $100.25. Approximately 2,293,439 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 9,650,448 shares. The stock had previously closed at $99.98.

Analyst Ratings Changes

A number of analysts recently commented on PDD shares. Bank of America lowered 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 lowered PDD from an “outperform” rating to a “neutral” rating in a research report on Monday, August 26th. Benchmark lowered their price objective on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. The Goldman Sachs Group upgraded PDD from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $145.00 to $184.00 in a research report on Friday, May 24th. Finally, Jefferies Financial Group lowered their price objective on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Two investment 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, PDD currently has a consensus rating of “Buy” and an average target price of $177.78.

PDD Price Performance

The company has a market capitalization of $136.50 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69. The company has a 50-day moving average price of $120.82 and a 200-day moving average price of $128.55. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11.

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 the consensus estimate of $2.66 by $20.58. The company had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The company’s revenue for the quarter was up 85.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.27 EPS. On average, equities research analysts expect that PDD Holdings Inc. will post 11.05 EPS for the current fiscal year.

Hedge Funds Weigh In On PDD

Several institutional investors and hedge funds have recently modified their holdings of the business. Checchi Capital Advisers LLC grew its position in shares of PDD by 2.6% in the 1st quarter. Checchi Capital Advisers LLC now owns 3,823 shares of the company’s stock valued at $444,000 after purchasing an additional 98 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of PDD by 31.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 427 shares of the company’s stock valued at $62,000 after purchasing an additional 101 shares during the period. Ballentine Partners LLC grew its position in shares of PDD by 4.6% in the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock valued at $359,000 after purchasing an additional 120 shares during the period. Parallel Advisors LLC grew its position in shares of PDD by 5.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock valued at $324,000 after purchasing an additional 122 shares during the period. Finally, Legacy Capital Group California Inc. grew its position in shares of 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 purchasing an additional 133 shares during the period. 29.07% of the stock is currently owned by institutional investors and hedge funds.

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.