PDD (NASDAQ:PDD) Sees Strong Trading Volume

Shares of PDD Holdings Inc. (NASDAQ:PDD - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 11,493,082 shares were traded during trading, an increase of 11% from the previous session's volume of 10,369,650 shares.The stock last traded at $149.28 and had previously closed at $145.64.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Benchmark lowered their price target on shares of PDD from $230.00 to $185.00 and set a "buy" rating for the company in a report on Tuesday, August 27th. Bank of America dropped their target price on PDD from $206.00 to $170.00 and set a "buy" rating for the company in a research report on Tuesday, August 27th. Jefferies Financial Group cut their price target on PDD from $193.00 to $151.00 and set a "buy" rating on the stock in a research note on Monday, August 26th. Daiwa America raised PDD to a "strong-buy" rating in a research note on Tuesday, August 27th. Finally, Sanford C. Bernstein cut their target price on shares of PDD from $235.00 to $170.00 and set an "outperform" rating on the stock in a research 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $177.78.

PDD Price Performance

The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The business's 50-day simple moving average is $119.13 and its two-hundred day simple moving average is $129.04. The firm has a market cap of $210.11 billion, a price-to-earnings ratio of 20.23, a P/E/G ratio of 0.33 and a beta of 0.69.

PDD (NASDAQ:PDD - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $97.06 billion during the quarter, compared to analysts' expectations of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. PDD's revenue for the quarter was up 85.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.27 earnings per share. As a group, research analysts expect that PDD Holdings Inc. will post 11.05 EPS for the current fiscal year.

Institutional Investors Weigh In On PDD

Several large investors have recently added to or reduced their stakes in PDD. Hhlr Advisors LTD. increased its stake in PDD by 37.5% in the fourth quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company's stock valued at $1,479,333,000 after purchasing an additional 2,760,100 shares in the last quarter. Acadian Asset Management LLC increased its position in PDD by 107.8% in the 2nd quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company's stock valued at $487,984,000 after buying an additional 1,904,155 shares in the last quarter. Tairen Capital Ltd raised its stake in 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 buying an additional 1,788,076 shares during the period. Dragoneer Investment Group LLC raised its stake in PDD by 142.6% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company's stock worth $348,440,000 after buying an additional 1,540,346 shares during the period. Finally, Renaissance Technologies LLC bought a new position in PDD in the second quarter worth approximately $176,332,000. Institutional investors and hedge funds 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.