PDD Holdings Inc. (NASDAQ:PDD) Receives Consensus Rating of “Buy” from Brokerages

Shares of PDD Holdings Inc. (NASDAQ:PDD) have been given a consensus recommendation of “Buy” by the twelve brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $177.78.

Several brokerages have recently issued reports on PDD. Barclays dropped their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 27th. Sanford C. Bernstein reduced their target price on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a report on Tuesday, August 27th. Bank of America decreased their target price on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Citigroup cut 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 report on Tuesday, August 27th. Finally, Nomura Securities upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th.

PDD Stock Performance

PDD opened at $113.80 on Friday. The firm has a fifty day moving average price of $118.82 and a 200 day moving average price of $128.45. PDD has a 1 year low of $88.01 and a 1 year high of $164.69. The stock has a market cap of $156.57 billion, a P/E ratio of 15.07, a P/E/G ratio of 0.24 and a beta of 0.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11.

PDD (NASDAQ:PDD) last issued its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. The company had revenue of $97.06 billion for 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%. PDD’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.27 earnings per share. Equities research analysts anticipate that PDD will post 11.05 earnings per share for the current year.

Institutional Investors Weigh In On PDD

A number of institutional investors have recently made changes to their positions in PDD. Future Financial Wealth Managment LLC acquired a new position in shares of PDD in the first quarter valued at approximately $29,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of PDD during the second quarter worth $32,000. Richardson Financial Services Inc. boosted its holdings in PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after purchasing an additional 233 shares during the period. Strategic Financial Concepts LLC acquired a new position in PDD during the 2nd quarter worth $40,000. Finally, Mather Group LLC. increased its holdings in PDD by 1,106.3% during the 2nd quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after purchasing an additional 354 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.