PDD (NASDAQ:PDD) Price Target Raised to $230.00 at Benchmark

PDD (NASDAQ:PDD) had its price target hoisted by Benchmark from $220.00 to $230.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also recently issued reports about the company. Bank of America boosted their price target on PDD from $191.00 to $206.00 and gave the stock a buy rating in a report on Thursday. UBS Group upped their target price on shares of PDD from $248.00 to $272.00 and gave the company a buy rating in a report on Wednesday, May 22nd. Barclays boosted their price objective on shares of PDD from $164.00 to $178.00 and gave the company an overweight rating in a research report on Thursday, March 21st. The Goldman Sachs Group lowered shares of PDD from a buy rating to a neutral rating and set a $136.00 target price on the stock. in a research report on Monday, March 11th. Finally, Jefferies Financial Group boosted their price target on PDD from $157.00 to $161.00 and gave the company a buy rating in a report on Thursday, March 21st. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, PDD presently has an average rating of Buy and an average target price of $182.31.

PDD Price Performance

PDD stock opened at $157.57 on Thursday. The firm has a market capitalization of $216.80 billion, a PE ratio of 20.87, a P/E/G ratio of 0.41 and a beta of 0.67. PDD has a 52 week low of $59.98 and a 52 week high of $164.69. The firm’s 50-day simple moving average is $128.33 and its 200 day simple moving average is $131.64. The company has a quick ratio of 1.93, a current ratio of 2.09 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Wednesday, March 20th. The company reported $2.23 EPS for the quarter, beating the consensus estimate of $1.42 by $0.81. PDD had a net margin of 26.93% and a return on equity of 45.04%. The business had revenue of $12.52 billion for the quarter, compared to analyst estimates of $11.80 billion. On average, equities research analysts predict that PDD will post 7.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. acquired a new stake in PDD during the third quarter worth about $285,000. Raymond James & Associates grew 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 purchasing an additional 5,330 shares during the period. Nomura Asset Management Co. Ltd. increased its position in PDD by 18.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 84,443 shares of the company’s stock worth $8,281,000 after purchasing an additional 12,986 shares in the last quarter. Ieq Capital LLC raised its holdings in PDD by 19.8% in the third 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 period. Finally, Victory Capital Management Inc. lifted its position in PDD by 8.1% during the third 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 in 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.