PDD (NASDAQ:PDD) Stock Price Down 2.4%

PDD Holdings Inc. (NASDAQ:PDD)’s share price dropped 2.4% during mid-day trading on Friday . The company traded as low as $91.19 and last traded at $94.98. Approximately 8,057,988 shares changed hands during trading, a decline of 17% from the average daily volume of 9,691,009 shares. The stock had previously closed at $97.33.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Bank of America decreased their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Sanford C. Bernstein cut their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. Jefferies Financial Group dropped their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $177.78.

PDD Stock Down 3.0 %

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 has a fifty day moving average price of $124.76 and a 200 day moving average price of $129.54. The company has a market cap of $129.92 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 0.23 and a beta of 0.69.

PDD (NASDAQ:PDD) last released its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. The firm had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The company’s quarterly revenue was up 85.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.27 earnings per share. As a group, analysts anticipate that PDD Holdings Inc. will post 11.05 EPS for the current year.

Hedge Funds Weigh In On PDD

Several institutional investors have recently added to or reduced their stakes in PDD. Truist Financial Corp raised its holdings in PDD by 12.8% in the 4th quarter. Truist Financial Corp now owns 3,143 shares of the company’s stock worth $460,000 after purchasing an additional 357 shares during the period. Principal Securities Inc. acquired a new position in PDD in the fourth quarter valued at $184,000. Jump Financial LLC purchased a new stake in shares of PDD in the fourth quarter valued at about $272,000. Ieq Capital LLC boosted its holdings in PDD by 6.6% during the fourth quarter. Ieq Capital LLC now owns 5,607 shares of the company’s stock worth $820,000 after buying an additional 348 shares in the last quarter. Finally, Avantax Advisory Services Inc. acquired a new position in shares of PDD in the fourth quarter valued at approximately $249,000. Hedge funds and other 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.