Zacks Research Upgrades PDD (NASDAQ:PDD) to Hold

Key Points

• Zacks Research upgraded PDD from “strong sell” to “hold,” while the broader analyst consensus remains “Hold,” with six Buy, eight Hold, and one Sell rating and an average price target of $117.17.
• Analysts have recently lowered or maintained their price targets, including Citigroup’s reduction to $123 and Benchmark’s cut to $114, despite retaining Buy ratings.
• PDD opened at $86.74, well below its 12-month high of $139.41. The company reported quarterly revenue of $16.54 billion and earnings of $2.84 per share, with analysts forecasting $9.70 in full-year EPS.

PDD (NASDAQ:PDD - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Tuesday,Zacks.com reports.

A number of other analysts have also recently issued reports on the company. Citigroup lowered their price objective on PDD from $142.00 to $123.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Bank of America reiterated a "neutral" rating on shares of PDD in a research note on Wednesday. Morgan Stanley set a $129.00 price objective on shares of PDD in a research note on Wednesday, May 27th. Daiwa Securities Group reaffirmed a "hold" rating and set a $80.00 price objective on shares of PDD in a report on Tuesday, June 23rd. Finally, Benchmark decreased their target price on shares of PDD from $127.00 to $114.00 and set a "buy" rating on the stock in a research report on Tuesday. Six investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, PDD presently has a consensus rating of "Hold" and an average price target of $117.17.

PDD Stock Performance

NASDAQ PDD opened at $86.74 on Tuesday. PDD has a twelve month low of $71.94 and a twelve month high of $139.41. The stock has a market cap of $123.47 billion, a PE ratio of 9.55, a PEG ratio of 0.71 and a beta of 0.02. The firm has a 50-day simple moving average of $84.84 and a 200 day simple moving average of $93.24.

PDD (NASDAQ:PDD - Get Free Report) last posted its quarterly earnings results on Friday, August 14th. The company reported $2.84 EPS for the quarter. PDD had a return on equity of 23.00% and a net margin of 20.73%.The firm had revenue of $16.54 billion during the quarter. Research analysts forecast that PDD will post 9.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PDD

Institutional investors have recently added to or reduced their stakes in the company. Binnacle Investments Inc grew its stake in PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company's stock worth $36,000 after buying an additional 200 shares during the last quarter. Grove Bank & Trust bought a new position in shares of PDD in the second quarter valued at approximately $38,000. Smartleaf Asset Management LLC raised its stake in shares of PDD by 230.7% in the fourth 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 last quarter. Wexford Capital LP acquired a new position in shares of PDD in the 3rd quarter worth approximately $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in PDD during the 4th quarter worth approximately $44,000. 39.83% of the stock is owned by institutional investors.

PDD Company Profile

PDD NASDAQ: PDD is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.

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