Benchmark Issues Pessimistic Forecast for PDD (NASDAQ:PDD) Stock Price

PDD (NASDAQ:PDD - Free Report) had its price target trimmed by Benchmark from $185.00 to $160.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also commented on PDD. Macquarie raised shares of PDD from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $126.00 to $224.00 in a research report on Monday, October 7th. Sanford C. Bernstein lowered their target price on PDD from $235.00 to $170.00 and set an "outperform" rating on the stock in a report on Tuesday, August 27th. Daiwa America raised shares of PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Barclays reduced their price target on shares of PDD from $224.00 to $158.00 and set an "overweight" rating for the company in a report on Tuesday, August 27th. Finally, Jefferies Financial Group dropped their price objective on shares of PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $173.40.

PDD Stock Down 3.9 %

Shares of PDD traded down $4.02 during midday trading on Friday, reaching $100.07. 21,499,668 shares of the stock were exchanged, compared to its average volume of 9,480,922. The firm has a 50 day simple moving average of $123.24 and a 200-day simple moving average of $129.77. PDD has a 12-month low of $88.01 and a 12-month high of $164.69. The company has a market cap of $137.68 billion, a price-to-earnings ratio of 9.77, a P/E/G ratio of 0.25 and a beta of 0.71. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD - Get Free Report) last posted its earnings results on Monday, August 26th. The company reported $23.24 EPS 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 the consensus estimate of $100.17 billion. PDD had a net margin of 29.05% and a return on equity of 49.53%. The company's revenue for the quarter was up 85.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.27 earnings per share. Research analysts forecast that PDD will post 11.19 EPS for the current year.

Institutional Investors Weigh In On PDD

A number of institutional investors have recently made changes to their positions in PDD. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of PDD by 1,374.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company's stock valued at $1,772,106,000 after purchasing an additional 12,253,589 shares during the period. H&H International Investment LLC lifted its stake in PDD by 3,693.8% in the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company's stock valued at $526,784,000 after buying an additional 3,804,600 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of PDD by 107.8% in the second 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 during the period. Tairen Capital Ltd increased its position in shares of PDD by 49.8% during the second 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 in the last quarter. Finally, FMR LLC lifted its position in PDD by 8.6% in the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company's stock valued at $2,821,595,000 after acquiring an additional 1,654,764 shares in the last quarter. 29.07% of the stock is owned by institutional investors and hedge funds.

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.