Benchmark Cuts PDD (NASDAQ:PDD) Price Target to $160.00

PDD (NASDAQ:PDD) had its target price cut by investment analysts at Benchmark from $185.00 to $160.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price target points to a potential upside of 60.22% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Barclays cut their price objective on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Jefferies Financial Group reduced their price target on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating in a report on Friday. Finally, Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $126.00 to $224.00 in a report on Monday, October 7th. 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. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $181.90.

PDD Trading Down 4.1 %

Shares of NASDAQ PDD traded down $4.23 during midday trading on Friday, hitting $99.86. The stock had a trading volume of 7,047,051 shares, compared to its average volume of 10,646,756. The firm has a market cap of $137.39 billion, a P/E ratio of 10.84, a price-to-earnings-growth ratio of 0.28 and a beta of 0.71. PDD has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. The company’s 50-day simple moving average is $123.14 and its 200 day simple moving average is $130.03.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. PDD had a return on equity of 48.14% and a net margin of 28.92%. The firm had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. During the same period last year, the company earned $1.27 earnings per share. The company’s revenue was up 85.7% on a year-over-year basis. Research analysts anticipate that PDD will post 11.19 EPS for the current year.

Hedge Funds Weigh In On PDD

Institutional investors have recently modified their holdings of the business. TT International Asset Management LTD acquired a new stake in PDD during the 3rd quarter worth approximately $74,430,000. Geode Capital Management LLC boosted its holdings in shares of PDD by 12.3% in the third quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock valued at $627,104,000 after buying an additional 513,248 shares during the period. Sylebra Capital LLC increased its position in shares of PDD by 207.7% during the third quarter. Sylebra Capital LLC now owns 492,166 shares of the company’s stock worth $66,349,000 after acquiring an additional 332,211 shares in the last quarter. ABS Direct Equity Fund LLC raised its holdings in shares of PDD by 24.2% during the third quarter. ABS Direct Equity Fund LLC now owns 60,100 shares of the company’s stock worth $8,102,000 after acquiring an additional 11,694 shares during the period. Finally, M&T Bank Corp bought a new stake in PDD in the 3rd quarter valued at $2,134,000. Institutional investors 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.