PDD (NASDAQ:PDD) Stock Price Down 3.7% – What’s Next?

PDD Holdings Inc. (NASDAQ:PDD) shares were down 3.7% during trading on Monday . The stock traded as low as $137.80 and last traded at $139.38. Approximately 5,954,163 shares changed hands during trading, a decline of 44% from the average daily volume of 10,715,357 shares. The stock had previously closed at $144.76.

Wall Street Analysts Forecast Growth

PDD has been the topic of a number of research analyst reports. Bank of America reduced their target price on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Sanford C. Bernstein reduced their price objective on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 27th. Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and upped their price target for the company from $126.00 to $224.00 in a research report on Monday, October 7th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $182.40.

PDD Trading Down 0.5 %

The company has a market cap of $175.44 billion, a P/E ratio of 16.98, a price-to-earnings-growth ratio of 0.35 and a beta of 0.71. The firm has a 50-day moving average of $121.99 and a 200 day moving average of $130.47. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02.

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 analysts’ consensus estimates of $2.66 by $20.58. The firm had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The company’s revenue for the quarter was up 85.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.27 EPS. On average, analysts predict that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PDD

A number of large investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. boosted its position in shares of PDD by 13.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock worth $31,589,000 after purchasing an additional 27,567 shares in the last quarter. Perpetual Ltd acquired a new position in PDD during the 3rd quarter worth approximately $885,000. Sanibel Captiva Trust Company Inc. raised its stake in PDD by 16.7% during the 3rd quarter. Sanibel Captiva Trust Company Inc. now owns 1,844 shares of the company’s stock worth $249,000 after buying an additional 264 shares during the period. CWM LLC boosted its holdings in PDD by 19.3% in the third quarter. CWM LLC now owns 1,046 shares of the company’s stock worth $141,000 after acquiring an additional 169 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in PDD in the third quarter valued at approximately $34,000. 29.07% of the stock is currently owned by institutional investors and hedge funds.

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.