PDD (NASDAQ:PDD) Rating Lowered to Neutral at Citigroup

PDD (NASDAQ:PDD) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, MarketBeat reports. They currently have a $120.00 price objective on the stock, down from their prior price objective of $194.00. Citigroup’s target price suggests a potential upside of 34.57% from the stock’s previous close.

PDD has been the subject of several other reports. 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 report on Friday, May 24th. Benchmark lifted their target price on shares of PDD from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Bank of America increased their price target on shares of PDD from $191.00 to $206.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Barclays raised their price target on shares of PDD from $178.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Finally, UBS Group increased their target price on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $163.33.

PDD Stock Performance

Shares of PDD opened at $89.17 on Tuesday. PDD has a 12-month low of $88.01 and a 12-month high of $164.69. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.02. The company has a market cap of $122.69 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 0.26 and a beta of 0.63. The stock has a 50-day moving average price of $135.34 and a 200-day moving average price of $132.70.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. PDD had a return on equity of 45.04% and a net margin of 26.93%. The business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter last year, the business posted $1.27 earnings per share. The company’s revenue for the quarter was up 85.7% on a year-over-year basis. As a group, equities analysts forecast that PDD will post 11.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Johnson Investment Counsel Inc. boosted its position in shares of PDD by 2.4% during the fourth quarter. Johnson Investment Counsel Inc. now owns 3,278 shares of the company’s stock valued at $480,000 after buying an additional 78 shares during the last quarter. Checchi Capital Advisers LLC raised its holdings in shares of PDD by 2.6% during the first quarter. Checchi Capital Advisers LLC now owns 3,823 shares of the company’s stock valued at $444,000 after purchasing an additional 98 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in PDD by 31.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 427 shares of the company’s stock valued at $62,000 after purchasing an additional 101 shares during the period. Ballentine Partners LLC grew its position in PDD by 4.6% in the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock worth $359,000 after purchasing an additional 120 shares during the period. Finally, Parallel Advisors LLC raised its stake in PDD by 5.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock valued at $324,000 after buying an additional 122 shares during the last quarter. 29.07% of the stock is 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.