Benchmark Lowers PDD (NASDAQ:PDD) Price Target to $185.00

PDD (NASDAQ:PDD) had its target price dropped by stock analysts at Benchmark from $230.00 to $185.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s target price suggests a potential upside of 107.47% from the company’s previous close.

A number of other analysts also recently issued reports on PDD. The Goldman Sachs Group raised shares of PDD from a “neutral” rating to a “buy” rating and increased their target price for the stock from $145.00 to $184.00 in a research report on Friday, May 24th. 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 note on Tuesday. Macquarie cut shares of PDD from an “outperform” rating to a “neutral” rating in a research report on Monday. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and lowered their price target for the company from $194.00 to $120.00 in a report on Tuesday. Finally, Sanford C. Bernstein decreased their target price on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $163.33.

PDD Stock Performance

Shares of PDD stock opened at $89.17 on Tuesday. The firm has a market capitalization of $122.69 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 0.26 and a beta of 0.63. The company has a 50 day moving average price of $135.34 and a 200 day moving average price of $132.70. PDD has a one year low of $88.01 and a one year high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.09 and a current ratio of 2.09.

PDD (NASDAQ:PDD) last issued its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping the consensus estimate of $2.66 by $20.58. PDD had a return on equity of 45.04% and a net margin of 26.93%. The business had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. During the same period last year, the company posted $1.27 EPS. The business’s quarterly revenue was up 85.7% on a year-over-year basis. Sell-side analysts anticipate that PDD will post 11.41 EPS for the current year.

Institutional Trading of PDD

Several institutional investors have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of PDD in the 2nd quarter valued at about $15,329,000. Cetera Investment Advisers lifted its holdings in PDD by 21.2% during the 2nd quarter. Cetera Investment Advisers now owns 41,554 shares of the company’s stock worth $5,525,000 after buying an additional 7,255 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in PDD by 9.4% during the 2nd quarter. NewEdge Advisors LLC now owns 15,207 shares of the company’s stock worth $2,022,000 after buying an additional 1,304 shares during the last quarter. Creative Planning grew its position in shares of PDD by 29.4% in the 2nd quarter. Creative Planning now owns 20,625 shares of the company’s stock worth $2,742,000 after acquiring an additional 4,680 shares in the last quarter. Finally, Copperwynd Financial LLC increased its holdings in shares of PDD by 16.7% in the 2nd quarter. Copperwynd Financial LLC now owns 16,638 shares of the company’s stock valued at $2,144,000 after acquiring an additional 2,378 shares during the last quarter. 29.07% of the stock is 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.