Benchmark Issues Pessimistic Forecast for PDD (NASDAQ:PDD) Stock Price

PDD (NASDAQ:PDD - Get Free Report) had its price target dropped by analysts at Benchmark from $160.00 to $128.00 in a note issued to investors on Wednesday, MarketBeat Ratings reports. The firm currently has a "buy" rating on the stock. Benchmark's price objective would suggest a potential upside of 32.33% from the stock's current price.

Other analysts have also issued reports about the stock. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $127.00 to $165.00 in a report on Monday, May 12th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $112.00 target price on shares of PDD in a research note on Wednesday. Nomura Securities cut PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. China Renaissance reiterated a "hold" rating and issued a $107.00 price objective on shares of PDD in a report on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on shares of PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $144.55.

PDD Trading Down 1.6%

NASDAQ:PDD traded down $1.56 during trading hours on Wednesday, hitting $96.73. The company had a trading volume of 17,167,316 shares, compared to its average volume of 11,108,733. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The stock has a 50-day moving average price of $106.92 and a 200 day moving average price of $108.76. The company has a market capitalization of $134.66 billion, a PE ratio of 9.45, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. PDD has a 52 week low of $87.11 and a 52 week high of $155.67.

Institutional Trading of PDD

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of PDD by 9,469.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company's stock valued at $4,695,948,000 after buying an additional 39,263,851 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in PDD by 4,562.1% during 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 acquiring an additional 14,110,042 shares during the period. Norges Bank purchased a new position in PDD during the fourth quarter valued at approximately $812,246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of 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, Sanders Capital LLC bought a new position in shares of PDD in the fourth quarter worth approximately $499,972,000. 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.