PDD (NASDAQ:PDD) Shares Gap Down to $97.33

PDD Holdings Inc. (NASDAQ:PDD) gapped down prior to trading on Friday . The stock had previously closed at $97.33, but opened at $91.20. PDD shares last traded at $94.27, with a volume of 5,243,274 shares traded.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. UBS Group upped their target price on shares of PDD from $248.00 to $272.00 and gave the company a “buy” rating in a research note on Wednesday, May 22nd. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. The Goldman Sachs Group upgraded shares of PDD from a “neutral” rating to a “buy” rating and boosted their target price for the company from $145.00 to $184.00 in a research note on Friday, May 24th. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Finally, Macquarie cut PDD from an “outperform” rating to a “neutral” rating in a research report on Monday, August 26th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $177.78.

PDD Stock Down 2.4 %

The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. The company has a fifty day simple moving average of $123.94 and a 200-day simple moving average of $129.33. The firm has a market cap of $130.69 billion, a P/E ratio of 12.58, a price-to-earnings-growth ratio of 0.23 and a beta of 0.69.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $100.17 billion. During the same period in the previous year, the company posted $1.27 EPS. The firm’s revenue was up 85.7% on a year-over-year basis. On average, equities analysts anticipate that PDD Holdings Inc. will post 11.05 earnings per share for the current year.

Institutional Investors Weigh In On PDD

A number of institutional investors have recently bought and sold shares of the business. Los Angeles Capital Management LLC grew its holdings in PDD by 149.0% during the 1st quarter. Los Angeles Capital Management LLC now owns 296,786 shares of the company’s stock valued at $34,501,000 after buying an additional 177,600 shares in the last quarter. Hhlr Advisors LTD. boosted its position in shares of PDD by 37.5% during the fourth quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock worth $1,479,333,000 after acquiring an additional 2,760,100 shares during the last quarter. Vanguard Group Inc. grew its stake in PDD by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 24,163,927 shares of the company’s stock valued at $3,535,424,000 after acquiring an additional 62,312 shares in the last quarter. Truist Financial Corp increased its holdings in PDD by 12.8% in the 4th quarter. Truist Financial Corp now owns 3,143 shares of the company’s stock valued at $460,000 after acquiring an additional 357 shares during the last quarter. Finally, Jupiter Asset Management Ltd. lifted its stake in PDD by 63.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock worth $30,700,000 after purchasing an additional 89,853 shares in the last quarter. Hedge funds and other institutional investors own 29.07% of the company’s stock.

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.