PDD (NASDAQ:PDD) Rating Lowered to “Neutral” at JPMorgan Chase & Co.

PDD (NASDAQ:PDD) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. They currently have a $105.00 target price on the stock, down from their prior target price of $170.00. JPMorgan Chase & Co.‘s target price suggests a potential upside of 4.93% from the company’s current price.

Several other analysts have also weighed in on PDD. Bank of America decreased their target price on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Sanford C. Bernstein decreased their price objective on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. Daiwa America upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Barclays lowered their price target on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 27th. Finally, Benchmark cut their price objective on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $173.40.

PDD Trading Down 3.9 %

Shares of PDD opened at $100.07 on Friday. The stock’s 50-day moving average price is $123.24 and its 200 day moving average price is $129.71. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. PDD has a 12-month low of $88.01 and a 12-month high of $164.69. The firm has a market capitalization of $137.68 billion, a price-to-earnings ratio of 9.77, a P/E/G ratio of 0.25 and a beta of 0.71.

PDD (NASDAQ:PDD) last released 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. The business had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a return on equity of 49.53% and a net margin of 29.05%. PDD’s quarterly revenue was up 85.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.27 earnings per share. As a group, research analysts predict that PDD will post 11.19 earnings per share for the current year.

Institutional Investors Weigh In On PDD

A number of hedge funds have recently added to or reduced their stakes in PDD. Prospera Private Wealth LLC acquired a new position in shares of PDD during the third quarter worth approximately $27,000. Venturi Wealth Management LLC acquired a new position in PDD during the 3rd quarter worth $29,000. Ashton Thomas Private Wealth LLC bought a new position in PDD in the 2nd quarter valued at $32,000. Richardson Financial Services Inc. increased its stake in shares of PDD by 3,883.3% in the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after buying an additional 233 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of PDD during the third quarter worth $34,000. 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.