PDD (NASDAQ:PDD) Shares Down 1.6%

Shares of PDD Holdings Inc. (NASDAQ:PDD) were down 1.6% during trading on Monday . The stock traded as low as $122.35 and last traded at $125.32. Approximately 2,895,743 shares traded hands during trading, a decline of 65% from the average daily volume of 8,345,673 shares. The stock had previously closed at $127.41.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PDD shares. The Goldman Sachs Group raised PDD from a “neutral” rating to a “buy” rating and upped their price target for the company from $145.00 to $184.00 in a research note on Friday, May 24th. Sanford C. Bernstein increased their price objective on PDD from $180.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. Bank of America increased their price objective on PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Barclays raised their price target on PDD from $178.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Finally, UBS Group raised their price objective on PDD from $248.00 to $272.00 and gave the company a “buy” rating in a research report on Wednesday, May 22nd. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $188.33.

PDD Price Performance

The stock has a market capitalization of $173.62 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 0.22 and a beta of 0.63. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.09 and a current ratio of 2.09. The company has a fifty day simple moving average of $139.49 and a two-hundred day simple moving average of $132.32.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Wednesday, May 22nd. The company reported $2.63 earnings per share 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 during the quarter, compared to analysts’ expectations of $10.62 billion. As a group, equities research analysts expect that PDD Holdings Inc. will post 11.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PDD

Several hedge funds and other institutional investors have recently modified their holdings of the business. Future Financial Wealth Managment LLC acquired a new position in PDD during the 1st quarter worth about $29,000. Mather Group LLC. lifted its holdings in PDD by 1,106.3% during the 2nd quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after buying an additional 354 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new position in PDD during the 4th quarter worth about $59,000. EverSource Wealth Advisors LLC lifted its holdings in PDD by 31.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 427 shares of the company’s stock worth $62,000 after buying an additional 101 shares during the period. Finally, Ridgewood Investments LLC acquired a new position in PDD during the 2nd quarter worth about $60,000. 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.