JPMorgan Chase & Co. Lowers PDD (NASDAQ:PDD) Price Target to $95.00

Key Points

• JPMorgan lowered its PDD price target to $95 from $110 while maintaining a neutral rating, implying approximately 21.9% upside from the stock’s reported $77.94 price.
• Analyst sentiment remains mixed, with five Buy, ten Hold and one Sell rating; the consensus rating is Hold with an average price target of $113.31.
• PDD shares fell 0.9% to $77.94, trading below both their 50-day and 200-day moving averages. The company last reported quarterly EPS of $2.84 on revenue of $16.54 billion.

PDD (NASDAQ:PDD - Get Free Report) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $110.00 to $95.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 21.89% from the company's current price.

Other analysts have also issued research reports about the company. The Goldman Sachs Group reiterated a "buy" rating on shares of PDD in a report on Thursday, May 28th. Barclays downgraded PDD from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $165.00 to $89.00 in a research note on Thursday, May 28th. Zacks Research raised PDD from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 25th. Arete Research set a $93.00 price target on PDD and gave the stock a "neutral" rating in a report on Monday. Finally, Morgan Stanley set a $129.00 price target on PDD in a report on Wednesday, May 27th. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $113.31.

PDD Trading Down 0.9%

Shares of NASDAQ:PDD traded down $0.67 during trading on Thursday, reaching $77.94. The stock had a trading volume of 1,573,252 shares, compared to its average volume of 7,995,975. The firm's 50-day simple moving average is $85.83 and its 200 day simple moving average is $91.80. PDD has a one year low of $71.94 and a one year high of $139.41. The company has a market capitalization of $110.94 billion, a P/E ratio of 8.58, a PEG ratio of 0.60 and a beta of -0.01.

PDD (NASDAQ:PDD - Get Free Report) last posted its earnings results on Friday, August 14th. The company reported $2.84 EPS for the quarter. The company had revenue of $16.54 billion during the quarter. PDD had a net margin of 20.73% and a return on equity of 22.29%. Equities research analysts forecast that PDD will post 10.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Binnacle Investments Inc boosted its position in PDD by 281.7% in the third quarter. Binnacle Investments Inc now owns 271 shares of the company's stock valued at $36,000 after buying an additional 200 shares during the last quarter. Wexford Capital LP purchased a new position in PDD during the 3rd quarter worth approximately $44,000. Smartleaf Asset Management LLC lifted its stake in PDD by 230.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 377 shares of the company's stock valued at $43,000 after acquiring an additional 263 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in PDD during the 4th quarter valued at approximately $44,000. Finally, Larson Financial Group LLC boosted its holdings in shares of PDD by 720.4% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the company's stock valued at $53,000 after acquiring an additional 353 shares during the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

About PDD

PDD Holdings Inc is a multinational commerce group that operates technology platforms connecting consumers, merchants, producers and suppliers. The company's businesses focus on online retail, agricultural commerce and value-oriented shopping experiences, using interactive features, data and consumer demand to support transactions and product discovery.

Its flagship platform, Pinduoduo, serves consumers in China and offers a broad selection of products, including agricultural goods, groceries, household items, apparel, electronics and other consumer merchandise.

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