PDD Holdings Inc. (NASDAQ:PDD) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of PDD Holdings Inc. (NASDAQ:PDD) have received a consensus rating of “Buy” from the nine brokerages that are covering the stock, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $188.33.

PDD has been the topic of a number of research analyst reports. Sanford C. Bernstein boosted their target price on PDD from $180.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. The Goldman Sachs Group upgraded PDD from a “neutral” rating to a “buy” rating and increased their target price for the company from $145.00 to $184.00 in a research report on Friday, May 24th. Bank of America boosted their price target on shares of PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Jefferies Financial Group lowered their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research report on Monday. Finally, UBS Group boosted their target price on PDD from $248.00 to $272.00 and gave the company a “buy” rating in a research report on Wednesday, May 22nd.

Hedge Funds Weigh In On PDD

A number of hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of PDD during the fourth quarter worth $1,075,172,000. Assenagon Asset Management S.A. boosted its position in PDD by 15,755.1% during the first quarter. Assenagon Asset Management S.A. now owns 5,087,255 shares of the company’s stock worth $591,393,000 after acquiring an additional 5,055,169 shares during the last quarter. Hhlr Advisors LTD. grew its stake in PDD by 37.5% during the 4th quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock valued at $1,479,333,000 after acquiring an additional 2,760,100 shares in the last quarter. Acadian Asset Management LLC raised its holdings in PDD by 107.8% in the 2nd quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock valued at $487,984,000 after acquiring an additional 1,904,155 shares during the last quarter. Finally, Tairen Capital Ltd lifted its stake in PDD by 49.8% in the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after purchasing an additional 1,788,076 shares in the last quarter. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Stock Performance

Shares of PDD stock traded down $40.56 during mid-day trading on Monday, reaching $99.31. 84,221,184 shares of the company’s stock traded hands, compared to its average volume of 8,782,420. PDD has a 12 month low of $79.00 and a 12 month high of $164.69. The firm has a 50 day moving average price of $137.27 and a two-hundred day moving average price of $133.11. The firm has a market capitalization of $136.64 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 0.26 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.

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.