PDD (NASDAQ:PDD) Cut to Neutral at Macquarie

Macquarie lowered shares of PDD (NASDAQ:PDD) from an outperform rating to a neutral rating in a research report released on Monday, Marketbeat.com reports.

A number of other brokerages also recently weighed in on PDD. Jefferies Financial Group lowered their price objective on shares of PDD from $193.00 to $151.00 and set a buy rating on the stock in a research report on Monday. Benchmark increased their price target on PDD from $220.00 to $230.00 and gave the company a buy rating in a report on Thursday, May 23rd. Citigroup lifted their price objective on PDD from $185.00 to $198.00 and gave the stock a buy rating in a report on Thursday, May 23rd. Barclays raised their target price on PDD from $178.00 to $224.00 and gave the stock an overweight rating in a research report on Friday, May 24th. Finally, The Goldman Sachs Group raised shares of PDD from a neutral rating to a buy rating and upped their price target for the company from $145.00 to $184.00 in a research report on Friday, May 24th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $163.33.

PDD Stock Performance

Shares of PDD opened at $89.17 on Monday. PDD has a 12 month low of $88.01 and a 12 month high of $164.69. The business’s fifty day simple moving average is $135.34 and its two-hundred day simple moving average is $132.70. 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 price-to-earnings ratio of 11.81, a P/E/G ratio of 0.26 and a beta of 0.63.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a return on equity of 45.04% and a net margin of 26.93%. The company had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. During the same period last year, the firm posted $1.27 earnings per share. PDD’s revenue was up 85.7% compared to the same quarter last year. Research analysts anticipate that PDD will post 11.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. boosted its position in shares of PDD by 1.0% in the second quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock worth $4,670,322,000 after purchasing an additional 348,130 shares during the period. Vanguard Group Inc. lifted its stake in shares of PDD by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock valued at $2,820,408,000 after buying an additional 97,648 shares in the last quarter. Hhlr Advisors LTD. lifted its stake in shares of PDD by 16.6% during the 1st quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after buying an additional 1,680,600 shares in the last quarter. Norges Bank purchased a new stake in PDD in the 4th quarter worth $1,075,172,000. Finally, Assenagon Asset Management S.A. raised its holdings in PDD by 16.2% during the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after acquiring an additional 826,525 shares during the period. 29.07% of the stock is currently owned by 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.