PDD (NASDAQ:PDD) Downgraded to “Hold” Rating by Arete Research

Arete Research cut shares of PDD (NASDAQ:PDD) from a strong-buy rating to a hold rating in a report issued on Monday morning, Marketbeat.com reports. The firm currently has $93.00 price objective on the stock.

PDD has been the subject of a number of other reports. Jefferies Financial Group reiterated a “buy” rating on shares of PDD in a report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $105.00 target price on shares of PDD in a report on Monday, August 24th. Barclays cut shares of PDD from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $165.00 to $89.00 in a research report on Thursday, May 28th. Morgan Stanley set a $129.00 price objective on PDD in a report on Wednesday, May 27th. Finally, Daiwa Securities Group reissued a “hold” rating and set a $80.00 price objective on shares of PDD in a report on Tuesday, June 23rd. Five analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, PDD currently has a consensus rating of “Hold” and an average target price of $114.83.

PDD Stock Down 3.0%

NASDAQ PDD opened at $79.75 on Monday. PDD has a 52 week low of $71.94 and a 52 week high of $139.41. The business has a 50 day moving average price of $85.91 and a 200-day moving average price of $91.96. The company has a market cap of $113.52 billion, a price-to-earnings ratio of 8.78, a P/E/G ratio of 0.62 and a beta of -0.01.

PDD (NASDAQ:PDD) last issued its earnings results on Friday, August 14th. The company reported $2.84 earnings per share (EPS) for the quarter. The company had revenue of $16.54 billion for the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%. On average, equities research analysts anticipate that PDD will post 10.5 earnings per share for the current year.

Institutional Trading of PDD

Several institutional investors and hedge funds have recently made changes to their positions in the company. Binnacle Investments Inc boosted its holdings in PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after purchasing an additional 200 shares during the last quarter. Grove Bank & Trust purchased a new stake in PDD in the 2nd quarter valued at about $38,000. Smartleaf Asset Management LLC increased its stake in PDD by 230.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock valued at $43,000 after buying an additional 263 shares during the last quarter. Wexford Capital LP bought a new position in shares of PDD during the 3rd quarter worth approximately $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of PDD during the 4th quarter worth approximately $44,000. Hedge funds and other institutional investors own 39.83% of the company’s stock.

About PDD

PDD Holdings Inc is a multinational commerce group that operates technology platforms connecting consumers, merchants, producers and suppliers. The company’s businesses focus on online retail, agricultural commerce and value-oriented shopping experiences, using interactive features, data and consumer demand to support transactions and product discovery.

Its flagship platform, Pinduoduo, serves consumers in China and offers a broad selection of products, including agricultural goods, groceries, household items, apparel, electronics and other consumer merchandise.