JPMorgan Chase & Co. Lowers PDD (NASDAQ:PDD) Price Target to $105.00

PDD (NASDAQ:PDD - Get Free Report) had its price objective lowered by investment analysts at JPMorgan Chase & Co. from $125.00 to $105.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 5.75% from the stock's previous close.

Other research analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $112.00 price objective 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. Benchmark reduced their price objective on shares of PDD from $160.00 to $128.00 and set a "buy" rating for the company in a report on Wednesday. Jefferies Financial Group dropped their target price on shares of PDD from $156.00 to $121.00 and set a "buy" rating on the stock in a report on Tuesday. Finally, China Renaissance restated a "hold" rating and issued a $107.00 price target on shares of PDD in a research report on Wednesday. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $144.55.

PDD Price Performance

Shares of PDD stock traded down $3.69 during mid-day trading on Wednesday, reaching $99.30. The stock had a trading volume of 7,036,290 shares, compared to its average volume of 11,035,908. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The business has a 50-day simple moving average of $108.66 and a 200 day simple moving average of $109.11. PDD has a 12-month low of $87.11 and a 12-month high of $160.00. The company has a market cap of $138.23 billion, a P/E ratio of 9.69, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57.

PDD (NASDAQ:PDD - Get Free Report) last released its earnings results on Tuesday, May 27th. The company reported $11.41 EPS for the quarter, topping the consensus estimate of $2.49 by $8.92. The firm had revenue of $13.19 billion during the quarter, compared to analysts' expectations of $103.37 billion. PDD had a net margin of 29.05% and a return on equity of 46.08%. PDD's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company earned $20.72 EPS. On average, sell-side analysts anticipate that PDD will post 10.24 earnings per share for the current year.

Hedge Funds Weigh In On PDD

Hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of PDD by 9,469.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company's stock worth $4,695,948,000 after buying an additional 39,263,851 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of 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 buying an additional 14,110,042 shares during the period. Norges Bank bought a new stake in shares of PDD in the 4th quarter valued at about $812,246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in PDD by 899.2% during 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 acquired a new stake in shares of PDD during the fourth quarter worth $499,972,000. 39.83% of the stock is 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.

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