PDD’s (PDD) Buy Rating Reiterated at Benchmark

PDD (NASDAQ:PDD)‘s stock had its “buy” rating reiterated by stock analysts at Benchmark in a report issued on Friday,Benzinga reports. They currently have a $160.00 price objective on the stock. Benchmark’s price target indicates a potential upside of 28.30% from the company’s previous close.

Several other equities research analysts also recently weighed in on PDD. Jefferies Financial Group cut their price target on PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a report on Thursday. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Finally, Nomura reiterated a “neutral” rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a report on Thursday. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, PDD has a consensus rating of “Moderate Buy” and an average price target of $168.09.

PDD Price Performance

PDD stock opened at $124.71 on Friday. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $171.59 billion, a PE ratio of 12.19, a P/E/G ratio of 0.32 and a beta of 0.69. PDD has a 12-month low of $88.01 and a 12-month high of $164.69. The business’s fifty day moving average price is $115.12 and its 200 day moving average price is $112.92.

PDD (NASDAQ:PDD) last issued its quarterly earnings results on Thursday, March 20th. The company reported $20.15 earnings per share for the quarter, topping the consensus estimate of $2.56 by $17.59. PDD had a return on equity of 46.08% and a net margin of 29.05%. The company had revenue of $110.61 billion for the quarter, compared to the consensus estimate of $115.77 billion. During the same quarter in the prior year, the business earned $17.32 EPS. PDD’s revenue was up 24.4% on a year-over-year basis. On average, sell-side analysts anticipate that PDD will post 10.24 EPS for the current year.

Institutional Trading of PDD

A number of large investors have recently made changes to their positions in the company. California State Teachers Retirement System boosted its position in shares of PDD by 7.1% in the 4th quarter. California State Teachers Retirement System now owns 324,354 shares of the company’s stock valued at $31,459,000 after purchasing an additional 21,507 shares during the period. 111 Capital acquired a new stake in shares of PDD in the 4th quarter valued at about $508,000. Wealthedge Investment Advisors LLC acquired a new stake in shares of PDD in the 4th quarter valued at about $666,000. Siemens Fonds Invest GmbH acquired a new stake in shares of PDD in the 4th quarter valued at about $192,000. Finally, Mackenzie Financial Corp boosted its position in shares of PDD by 20.0% in the 4th quarter. Mackenzie Financial Corp now owns 244,609 shares of the company’s stock valued at $23,725,000 after purchasing an additional 40,732 shares during the period. 39.83% of the stock is owned by institutional investors and hedge funds.

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.