PDD (NASDAQ:PDD) Rating Increased to Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of PDD (NASDAQ:PDD) from a neutral rating to a buy rating in a research note issued to investors on Friday morning, Marketbeat reports. The brokerage currently has $184.00 target price on the stock, up from their previous target price of $145.00.

A number of other research analysts also recently issued reports on PDD. Bank of America increased their price objective on PDD from $191.00 to $206.00 and gave the stock a buy rating in a report on Thursday. Benchmark raised their price target on PDD from $220.00 to $230.00 and gave the company a buy rating in a research note on Thursday. Sanford C. Bernstein raised their price target on PDD from $180.00 to $235.00 and gave the company an outperform rating in a research note on Thursday. Citigroup lifted their target price on PDD from $185.00 to $198.00 and gave the stock a buy rating in a research note on Thursday. Finally, JPMorgan Chase & Co. reduced their target price on PDD from $195.00 to $190.00 and set an overweight rating for the company in a research note on Thursday, March 21st. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $182.31.

PDD Trading Up 2.6 %

NASDAQ PDD opened at $157.57 on Friday. The firm has a market cap of $216.80 billion, a P/E ratio of 20.87, a P/E/G ratio of 0.41 and a beta of 0.67. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 1.93. The stock’s 50-day moving average is $128.33 and its 200-day moving average is $131.64. PDD has a one year low of $59.98 and a one year high of $164.69.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Wednesday, March 20th. The company reported $2.23 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.81. The company had revenue of $12.52 billion for the quarter, compared to analyst estimates of $11.80 billion. PDD had a return on equity of 45.04% and a net margin of 26.93%. Sell-side analysts anticipate that PDD will post 7.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PDD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James & Associates raised its holdings in shares of PDD by 156.5% during the 3rd quarter. Raymond James & Associates now owns 8,736 shares of the company’s stock worth $857,000 after buying an additional 5,330 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in shares of PDD by 18.2% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 84,443 shares of the company’s stock valued at $8,281,000 after buying an additional 12,986 shares during the last quarter. Ieq Capital LLC grew its position in shares of PDD by 19.8% in the 3rd quarter. Ieq Capital LLC now owns 5,259 shares of the company’s stock valued at $516,000 after buying an additional 870 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of PDD by 8.1% in the 3rd quarter. Victory Capital Management Inc. now owns 860,389 shares of the company’s stock valued at $84,378,000 after buying an additional 64,229 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its position in shares of PDD by 152.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 110,620 shares of the company’s stock valued at $10,849,000 after buying an additional 66,748 shares during the last quarter. 29.07% of the stock is owned by institutional investors and hedge funds.

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.