PDD (NASDAQ:PDD) Trading Down 0.9%

PDD Holdings Inc. (NASDAQ:PDD) was down 0.9% on Wednesday . The stock traded as low as $138.10 and last traded at $138.71. Approximately 1,933,755 shares traded hands during trading, a decline of 78% from the average daily volume of 8,808,113 shares. The stock had previously closed at $140.00.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PDD shares. Sanford C. Bernstein increased their price objective on PDD from $180.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, May 23rd. Bank of America raised their price target on PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Barclays lifted their price objective on PDD from $178.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Citigroup lifted their price objective on PDD from $185.00 to $198.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Finally, Benchmark raised their price target on PDD from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $188.33.

PDD Price Performance

The stock has a market capitalization of $190.10 billion, a price-to-earnings ratio of 18.37, a price-to-earnings-growth ratio of 0.24 and a beta of 0.64. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a 50 day moving average price of $140.29 and a 200-day moving average price of $134.94.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Wednesday, May 22nd. The company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $1.19. PDD had a return on equity of 45.04% and a net margin of 26.93%. The firm had revenue of $12.02 billion for the quarter, compared to the consensus estimate of $10.62 billion. On average, analysts forecast that PDD Holdings Inc. will post 11.41 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PDD. Triasima Portfolio Management inc. purchased a new position in PDD during the 4th quarter worth approximately $1,813,000. Los Angeles Capital Management LLC lifted its position in PDD by 149.0% during the 1st quarter. Los Angeles Capital Management LLC now owns 296,786 shares of the company’s stock worth $34,501,000 after acquiring an additional 177,600 shares during the last quarter. Hhlr Advisors LTD. raised its position in shares of PDD by 37.5% during the fourth quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock valued at $1,479,333,000 after buying an additional 2,760,100 shares during the last quarter. Vanguard Group Inc. increased its stake in PDD by 38.0% in the third quarter. Vanguard Group Inc. now owns 24,101,615 shares of the company’s stock valued at $2,363,645,000 after acquiring an additional 6,637,418 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in shares of PDD during the fourth quarter valued at approximately $13,379,000. 29.07% of the stock is owned by hedge funds and other institutional investors.

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.