Benchmark Has Lowered Expectations for PDD (NASDAQ:PDD) Stock Price

PDD (NASDAQ:PDD - Get Free Report) had its price target decreased by analysts at Benchmark from $160.00 to $128.00 in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price target would suggest a potential upside of 30.23% from the company's current price.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $112.00 target price on shares of PDD in a research note on Wednesday. Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Nomura Securities downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Finally, Jefferies Financial Group set a $121.00 target price on shares of PDD and gave the stock a "buy" rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, PDD currently has an average rating of "Moderate Buy" and an average price target of $144.55.

PDD Trading Up 0.4%

Shares of PDD traded up $0.41 during mid-day trading on Wednesday, reaching $98.29. The company's stock had a trading volume of 15,175,170 shares, compared to its average volume of 11,064,119. The stock has a market cap of $136.83 billion, a PE ratio of 9.60, a P/E/G ratio of 0.32 and a beta of 0.57. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD has a 52 week low of $87.11 and a 52 week high of $155.67. The company's fifty day moving average price is $107.49 and its two-hundred day moving average price is $108.91.

Institutional Trading of PDD

Hedge funds and other institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in PDD by 9,469.7% in the 1st 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 in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in PDD by 4,562.1% in the 1st 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 in the last quarter. Norges Bank bought a new position in PDD in the 4th quarter worth about $812,246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in PDD by 899.2% in the 1st 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 in the last quarter. Finally, Sanders Capital LLC bought a new position in PDD in the 4th quarter worth about $499,972,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

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.