Brokerages Set PDD Holdings Inc. (NASDAQ:PDD) Target Price at $182.40

Shares of PDD Holdings Inc. (NASDAQ:PDD) have earned a consensus rating of “Buy” from the twelve brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, nine have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $182.40.

PDD has been the subject of several research reports. Barclays dropped their price objective on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Jefferies Financial Group dropped their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Bank of America dropped their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Finally, Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th.

Institutional Investors Weigh In On PDD

Several large investors have recently modified their holdings of PDD. Acadian Asset Management LLC increased its position in shares of PDD by 107.8% during the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock worth $487,984,000 after buying an additional 1,904,155 shares during the period. Tairen Capital Ltd increased its position in shares of PDD by 49.8% during the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after buying an additional 1,788,076 shares during the period. Hhlr Advisors LTD. increased its position in shares of PDD by 16.6% during the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock worth $1,370,767,000 after buying an additional 1,680,600 shares during the period. Dragoneer Investment Group LLC increased its position in shares of PDD by 142.6% during the second quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company’s stock worth $348,440,000 after buying an additional 1,540,346 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of PDD during the second quarter worth $176,332,000. 29.07% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Performance

NASDAQ PDD opened at $124.86 on Tuesday. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $171.79 billion, a price-to-earnings ratio of 16.54, a P/E/G ratio of 0.33 and a beta of 0.71. The firm’s 50 day simple moving average is $120.96 and its 200 day simple moving average is $130.65. PDD has a 1 year low of $88.01 and a 1 year high of $164.69.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.66 by $20.58. The business had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same quarter last year, the business posted $1.27 EPS. As a group, research analysts expect that PDD will post 11.05 earnings per share for the current fiscal year.

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.