PDD (NASDAQ:PDD) Trading Down 5.5% Following Analyst Downgrade

PDD Holdings Inc. (NASDAQ:PDD)’s stock price was down 5.5% during trading on Friday after Jefferies Financial Group lowered their price target on the stock from $171.00 to $156.00. Jefferies Financial Group currently has a buy rating on the stock. PDD traded as low as $123.54 and last traded at $123.69. Approximately 3,888,119 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 10,440,885 shares. The stock had previously closed at $130.92.

A number of other equities research analysts have also recently weighed in on the company. Benchmark dropped their price target on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, JPMorgan Chase & Co. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $168.09.

Hedge Funds Weigh In On PDD

Hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. increased its stake in shares of PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after acquiring an additional 1,942,891 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of PDD by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock worth $2,779,986,000 after buying an additional 268,662 shares during the period. FMR LLC raised its position in PDD by 22.3% in the 4th quarter. FMR LLC now owns 25,603,183 shares of the company’s stock valued at $2,483,253,000 after buying an additional 4,673,022 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in PDD by 1,374.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after acquiring an additional 12,253,589 shares in the last quarter. Finally, Norges Bank bought a new position in shares of PDD during the 4th quarter worth approximately $812,246,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Down 4.5 %

The stock’s fifty day moving average price is $115.12 and its 200-day moving average price is $112.92. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $172.00 billion, a price-to-earnings ratio of 12.21, a P/E/G ratio of 0.32 and a beta of 0.69.

PDD (NASDAQ:PDD) last issued its quarterly earnings results on Thursday, March 20th. The company reported $20.15 EPS for the quarter, beating the consensus estimate of $2.56 by $17.59. The firm had revenue of $110.61 billion during the quarter, compared to analysts’ expectations of $115.77 billion. PDD had a return on equity of 46.08% and a net margin of 29.05%. The business’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $17.32 earnings per share. On average, sell-side analysts predict that PDD Holdings Inc. will post 10.24 earnings per share for the current fiscal year.

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.