PDD (NASDAQ:PDD) Price Target Raised to $224.00

PDD (NASDAQ:PDD) had its price target boosted by investment analysts at Barclays from $178.00 to $224.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 41.68% from the company’s previous close.

Several other brokerages have also recently commented on PDD. Benchmark boosted their price target on shares of PDD from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. decreased their target price on PDD from $195.00 to $190.00 and set an “overweight” rating on the stock in a research report on Thursday, March 21st. Citigroup raised their price target on PDD from $185.00 to $198.00 and gave the company a “buy” rating in a report on Thursday. Bank of America upped their price objective on PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Sanford C. Bernstein raised their target price on shares of PDD from $180.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $182.31.

PDD Stock Up 2.9 %

Shares of PDD stock traded up $4.47 during midday trading on Friday, hitting $158.10. The company had a trading volume of 13,969,697 shares, compared to its average volume of 8,929,919. PDD has a 52-week low of $59.98 and a 52-week high of $164.69. The stock has a market capitalization of $217.53 billion, a P/E ratio of 21.06, a P/E/G ratio of 0.38 and a beta of 0.67. The company has a 50 day moving average of $127.65 and a 200 day moving average of $130.99. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.93 and a current ratio of 1.93.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Wednesday, March 20th. The company reported $2.23 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.81. PDD had a net margin of 26.93% and a return on equity of 48.69%. The firm had revenue of $12.52 billion during the quarter, compared to analysts’ expectations of $11.80 billion. On average, equities analysts predict that PDD will post 7.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC acquired a new stake in shares of PDD in the 1st quarter valued at $1,924,000. EMC Capital Management increased its holdings in PDD by 116.7% in the first quarter. EMC Capital Management now owns 6,500 shares of the company’s stock valued at $765,000 after buying an additional 3,500 shares during the last quarter. Wahed Invest LLC raised its stake in PDD by 39.0% in the first quarter. Wahed Invest LLC now owns 7,501 shares of the company’s stock valued at $872,000 after buying an additional 2,103 shares in the last quarter. Artal Group S.A. lifted its holdings in PDD by 73.8% during the 1st quarter. Artal Group S.A. now owns 56,500 shares of the company’s stock worth $6,568,000 after buying an additional 24,000 shares during the last quarter. Finally, iA Global Asset Management Inc. boosted its position in shares of PDD by 6.5% during the 1st quarter. iA Global Asset Management Inc. now owns 73,060 shares of the company’s stock worth $8,493,000 after acquiring an additional 4,467 shares in the last quarter. 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.