PDD (NASDAQ:PDD) Shares Gap Down – Here’s What Happened

PDD Holdings Inc. (NASDAQ:PDD) shares gapped down prior to trading on Tuesday . The stock had previously closed at $136.03, but opened at $131.06. PDD shares last traded at $130.93, with a volume of 4,608,733 shares traded.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Jefferies Financial Group reduced their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Bank of America cut 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. Benchmark decreased their price target on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Sanford C. Bernstein decreased their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. Finally, Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, PDD presently has an average rating of “Buy” and an average target price of $182.40.

PDD Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. The firm’s 50 day simple moving average is $122.07 and its two-hundred day simple moving average is $130.38. The firm has a market capitalization of $176.73 billion, a P/E ratio of 16.95, a P/E/G ratio of 0.35 and a beta of 0.71.

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

Institutional Investors Weigh In On PDD

Several large investors have recently made changes to their positions in PDD. Baillie Gifford & Co. boosted its stake in shares of PDD by 1.0% in the 2nd quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock valued at $4,670,322,000 after purchasing an additional 348,130 shares in the last quarter. Vanguard Group Inc. boosted its holdings in PDD by 0.4% in the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock valued at $2,820,408,000 after acquiring an additional 97,648 shares during the last quarter. Hhlr Advisors LTD. lifted its stake in PDD by 16.6% in the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after buying an additional 1,680,600 shares during the period. Assenagon Asset Management S.A. raised its position in PDD by 16.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after buying an additional 826,525 shares during the last quarter. Finally, Tairen Capital Ltd grew its stake in shares of PDD by 49.8% during the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after acquiring an additional 1,788,076 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.