Benchmark Has Lowered Expectations for PDD (NASDAQ:PDD) Stock Price

PDD (NASDAQ:PDD) had its price objective reduced by stock analysts at Benchmark from $160.00 to $128.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective indicates a potential upside of 28.85% from the company’s current price.

Several other analysts also recently weighed in on PDD. Nomura reiterated a “neutral” rating and set a $130.00 price target (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. JPMorgan Chase & Co. increased their price target on PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $112.00 target price on shares of PDD in a research note on Wednesday. Jefferies Financial Group cut their target price on shares of PDD from $156.00 to $121.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Citigroup raised PDD from a “neutral” rating to a “buy” rating and increased their price target for the company from $127.00 to $165.00 in a report on Monday, May 12th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $146.36.

PDD Stock Down 3.5%

Shares of PDD traded down $3.64 during trading hours on Wednesday, hitting $99.34. The company had a trading volume of 5,550,205 shares, compared to its average volume of 11,030,945. The company has a market capitalization of $138.30 billion, a PE ratio of 9.72, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD has a one year low of $87.11 and a one year high of $160.00. The company’s fifty day moving average price is $108.66 and its two-hundred day moving average price is $109.11.

PDD (NASDAQ:PDD) last announced its earnings results on Tuesday, May 27th. The company reported $11.41 earnings per share for the quarter, beating the consensus estimate of $2.49 by $8.92. The company had revenue of $13.19 billion during the quarter, compared to the consensus estimate of $103.37 billion. PDD had a net margin of 29.05% and a return on equity of 46.08%. PDD’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $20.72 earnings per share. As a group, equities analysts forecast that PDD will post 10.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PDD. Renaissance Technologies LLC lifted its holdings in PDD by 56.3% during the 4th quarter. Renaissance Technologies LLC now owns 947,500 shares of the company’s stock worth $91,898,000 after buying an additional 341,300 shares in the last quarter. Baillie Gifford & Co. raised its stake in 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 in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in PDD during the 4th quarter worth $4,685,000. Alberta Investment Management Corp raised its stake in PDD by 12.6% during the 4th quarter. Alberta Investment Management Corp now owns 190,060 shares of the company’s stock worth $18,434,000 after acquiring an additional 21,302 shares in the last quarter. Finally, Synergy Asset Management LLC increased its stake in PDD by 138.8% in the fourth quarter. Synergy Asset Management LLC now owns 205,740 shares of the company’s stock valued at $19,955,000 after purchasing an additional 119,580 shares during the period. 39.83% of the stock is currently 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.