PDD (NASDAQ:PDD) Given New $165.00 Price Target at Barclays

PDD (NASDAQ:PDD) had its price objective raised by Barclays from $158.00 to $165.00 in a research note released on Tuesday morning, MarketBeat Ratings reports. Barclays currently has an overweight rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Benchmark cut their price target on shares of PDD from $160.00 to $128.00 and set a “buy” rating on the stock in a report on Wednesday, May 28th. Macquarie reaffirmed an “outperform” rating on shares of PDD in a research report on Tuesday, May 27th. New Street Research lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research note on Tuesday. China Renaissance reaffirmed a “hold” rating and set a $107.00 target price on shares of PDD in a research note on Wednesday, May 28th. Finally, JPMorgan Chase & Co. cut their target price on shares of PDD from $125.00 to $105.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 28th. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $137.82.

PDD Stock Down 3.4%

Shares of PDD stock opened at $123.91 on Tuesday. The firm has a market cap of $172.50 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 1.82 and a beta of 0.42. PDD has a 12-month low of $87.11 and a 12-month high of $155.67. The company’s fifty day simple moving average is $111.29 and its two-hundred day simple moving average is $111.22.

PDD (NASDAQ:PDD) last announced its quarterly earnings results on Tuesday, May 27th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.88). The firm had revenue of $13.19 billion during the quarter, compared to the consensus estimate of $103.37 billion. PDD had a return on equity of 31.97% and a net margin of 23.93%.PDD’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $20.72 EPS. As a group, sell-side analysts expect that PDD will post 10.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PDD

A number of hedge funds and other institutional investors have recently bought and sold shares of PDD. Mirae Asset Global Investments Co. Ltd. grew its holdings in PDD by 9,469.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company’s stock worth $4,695,948,000 after purchasing an additional 39,263,851 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in PDD by 4,562.1% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company’s stock worth $1,706,527,000 after purchasing an additional 14,110,042 shares during the period. Norges Bank purchased a new stake in PDD in the second quarter worth about $962,785,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in PDD by 899.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company’s stock worth $1,063,489,000 after purchasing an additional 8,086,620 shares during the period. Finally, Himalaya Capital Management LLC purchased a new stake in PDD in the second quarter worth about $482,273,000. Hedge funds and other institutional investors own 39.83% of the company’s stock.

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.