PDD's (PDD) "Buy" Rating Reaffirmed at Benchmark

Benchmark reaffirmed their buy rating on shares of PDD (NASDAQ:PDD - Free Report) in a report released on Friday,Benzinga reports. Benchmark currently has a $160.00 price objective on the stock.

A number of other research analysts also recently issued reports on PDD. Dbs Bank downgraded PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. Nomura reaffirmed a "neutral" rating and set a $130.00 price target (down previously from $137.00) on shares of PDD in a research report on Thursday, March 20th. Jefferies Financial Group lowered their price objective on shares of PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Finally, JPMorgan Chase & Co. cut shares of PDD from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $169.91.

PDD Stock Down 2.2 %

PDD stock traded down $2.87 during trading hours on Friday, reaching $125.25. 7,815,603 shares of the stock were exchanged, compared to its average volume of 10,404,776. The firm's 50-day moving average is $116.94 and its 200-day moving average is $113.86. PDD has a 12 month low of $88.01 and a 12 month high of $164.69. The company has a market cap of $172.33 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 0.32 and a beta of 0.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

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Institutional Trading of PDD

A number of large investors have recently added to or reduced their stakes in the company. Gordian Capital Singapore Pte Ltd raised its holdings in shares of PDD by 1,218.9% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company's stock valued at $942,000 after purchasing an additional 6,460 shares during the period. Lord Abbett & CO. LLC increased its position in PDD by 63.9% during the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company's stock worth $5,155,000 after buying an additional 14,905 shares during the last quarter. Maple Rock Capital Partners Inc. bought a new stake in PDD in the third quarter valued at approximately $74,221,000. Headwater Capital Co Ltd acquired a new stake in shares of PDD in the fourth quarter valued at approximately $9,699,000. Finally, Baillie Gifford & Co. boosted its stake in shares of PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock worth $3,691,376,000 after acquiring an additional 1,942,891 shares during the period. Institutional investors and hedge funds own 39.83% 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.