PDD (NASDAQ:PDD) Rating Increased to Outperform at Macquarie

PDD (NASDAQ:PDD) was upgraded by equities research analysts at Macquarie from a “neutral” rating to an “outperform” rating in a report released on Monday, MarketBeat Ratings reports. The brokerage currently has a $224.00 price objective on the stock, up from their prior price objective of $126.00. Macquarie’s price objective would indicate a potential upside of 54.63% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Nomura Securities raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup lowered PDD from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. Daiwa America upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Benchmark reduced their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Finally, Barclays lowered their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $182.40.

PDD Stock Down 5.4 %

NASDAQ PDD opened at $144.86 on Monday. The stock has a market capitalization of $199.31 billion, a P/E ratio of 19.19, a price-to-earnings-growth ratio of 0.37 and a beta of 0.71. PDD has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. The stock has a fifty day moving average of $120.57 and a 200-day moving average of $129.59.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping the consensus estimate of $2.66 by $20.58. The firm had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The company’s quarterly revenue was up 85.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.27 EPS. On average, equities research analysts forecast that PDD will post 11.05 EPS for the current year.

Hedge Funds Weigh In On PDD

Several hedge funds have recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC acquired a new position in PDD during the second quarter worth $32,000. Richardson Financial Services Inc. boosted its stake in shares of PDD by 3,883.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after buying an additional 233 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of PDD in the 1st quarter valued at about $29,000. Mather Group LLC. increased its position in shares of PDD by 1,106.3% in the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after acquiring an additional 354 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in PDD during the fourth quarter worth about $59,000. 29.07% of the stock is owned by institutional investors.

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.