Morgan Stanley downgraded shares of PDD (NASDAQ:PDD – Free Report) from an overweight rating to an equal weight rating in a report published on Monday, MarketBeat.com reports. The brokerage currently has $90.00 price target on the stock, down from their previous price target of $129.00.
Several other research analysts have also commented on the company. Zacks Research upgraded PDD from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 25th. Arete Research downgraded PDD from a “buy” rating to a “neutral” rating and set a $93.00 price objective on the stock. in a research report on Monday, September 7th. Bank of America reaffirmed a “neutral” rating on shares of PDD in a research note on Wednesday, August 26th. Benchmark dropped their target price on PDD from $127.00 to $114.00 and set a “buy” rating for the company in a report on Tuesday, August 25th. Finally, JPMorgan Chase & Co. cut their target price on PDD from $110.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, September 10th. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $107.31.
View Our Latest Research Report on PDD
PDD Stock Down 0.5%
PDD stock opened at $79.01 on Monday. PDD has a 52 week low of $71.94 and a 52 week high of $138.50. The company has a fifty day simple moving average of $79.54 and a two-hundred day simple moving average of $90.14. The firm has a market capitalization of $112.46 billion, a P/E ratio of 8.70, a price-to-earnings-growth ratio of 0.63 and a beta of -0.03.
PDD (NASDAQ:PDD – Get Free Report) last posted its earnings results on Friday, August 14th. The company reported $2.84 earnings per share for the quarter. The firm had revenue of $16.54 billion for the quarter. PDD had a net margin of 20.73% and a return on equity of 22.29%. As a group, analysts anticipate that PDD will post 10.02 EPS for the current year.
Hedge Funds Weigh In On PDD
Large investors have recently made changes to their positions in the company. Nykredit A S bought a new stake in PDD in the second quarter worth about $10,042,000. Public Employees Retirement System of Ohio bought a new position in shares of PDD during the second quarter valued at approximately $9,491,000. Quantitative Investment Management LLC bought a new position in shares of PDD during the second quarter valued at approximately $2,599,000. Wasatch Advisors LP bought a new position in shares of PDD during the second quarter valued at approximately $3,658,000. Finally, NEOS Investment Management LLC raised its holdings in shares of PDD by 10.7% in the second quarter. NEOS Investment Management LLC now owns 404,232 shares of the company’s stock worth $30,835,000 after buying an additional 38,930 shares during the period. 39.83% of the stock is owned by hedge funds and other institutional investors.
PDD Company Profile
PDD Holdings Inc. operates e-commerce platforms that connect consumers with merchants and other suppliers. Its businesses include Pinduoduo, a marketplace focused on China, and Temu, an international online marketplace. Pinduoduo uses interactive shopping features, including group buying, and offers products across categories such as groceries, apparel, home goods and electronics. The platform has also emphasized agricultural products, connecting farmers with consumers and other buyers. Temu serves customers in multiple markets outside China and offers a wide range of merchandise from suppliers and brands.
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