PDD (NASDAQ:PDD) Stock Price Down 1%

PDD Holdings Inc. (NASDAQ:PDD) was down 1% during trading on Monday . The company traded as low as $93.99 and last traded at $94.03. Approximately 2,145,349 shares traded hands during trading, a decline of 78% from the average daily volume of 9,694,877 shares. The stock had previously closed at $94.99.

Analysts Set New Price Targets

PDD has been the topic of a number of research analyst reports. Bank of America reduced their target price on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Macquarie lowered shares of PDD from an “outperform” rating to a “neutral” rating in a research report on Monday, August 26th. Sanford C. Bernstein decreased their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday, August 27th. Citigroup cut PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Finally, Nomura Securities upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $177.78.

PDD Stock Up 2.2 %

The company has a market cap of $133.58 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 0.23 and a beta of 0.69. The stock has a 50-day simple moving average of $123.94 and a 200-day simple moving average of $129.36. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last released its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. The firm had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The firm’s revenue for the quarter was up 85.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.27 earnings per share. As a group, analysts predict that PDD Holdings Inc. will post 11.05 EPS for the current year.

Hedge Funds Weigh In On PDD

A number of hedge funds and other institutional investors have recently modified their holdings of PDD. Future Financial Wealth Managment LLC purchased a new position in shares of PDD during the first quarter valued at $29,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of PDD in the second quarter worth approximately $32,000. Richardson Financial Services Inc. boosted its holdings in shares of PDD by 3,883.3% during the second 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. Strategic Financial Concepts LLC purchased a new position in PDD during the second quarter valued at approximately $40,000. Finally, Mather Group LLC. increased its stake in PDD by 1,106.3% in the 2nd 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. Institutional investors and hedge funds 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.