New Street Research Downgrades PDD (NASDAQ:PDD) to Neutral

Key Points

• New Street Research has downgraded PDD Holdings Inc. from a "buy" rating to a "neutral" rating, setting a price target of $120.00, indicating a potential downside of 6.40% from the current stock price.
• Additional analysts have varied opinions on PDD, with JPMorgan Chase lowering its price target to $105.00, while Citigroup raised it to $165.00, demonstrating differing sentiments in the market.
• PDD's recent quarterly earnings showed a significant miss with reported earnings of $1.37 per share, compared to a consensus of $2.25, alongside a revenue of $13.19 billion.

PDD (NASDAQ:PDD - Get Free Report) was downgraded by equities researchers at New Street Research from a "buy" rating to a "neutral" rating in a research note issued on Tuesday,Finviz reports. They currently have a $120.00 price target on the stock. New Street Research's price objective points to a potential downside of 6.40% from the company's current price.

A number of other equities research analysts have also weighed in on PDD. JPMorgan Chase & Co. lowered their price target on shares of PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and raised their price target for the company from $127.00 to $165.00 in a report on Monday, May 12th. Benchmark lowered their price target on shares of PDD from $160.00 to $128.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Macquarie reaffirmed an "outperform" rating on shares of PDD in a report on Tuesday, May 27th. Finally, Jefferies Financial Group set a $121.00 price objective on shares of PDD and gave the stock a "buy" rating in a report on Tuesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, PDD has a consensus rating of "Moderate Buy" and an average target price of $143.08.

PDD Trading Up 0.9%

PDD opened at $128.21 on Tuesday. The company has a fifty day simple moving average of $110.86 and a 200 day simple moving average of $111.13. The firm has a market cap of $178.49 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 1.81 and a beta of 0.42. PDD has a twelve month low of $87.11 and a twelve month high of $155.67.

PDD (NASDAQ:PDD - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.25 by ($0.88). The firm had revenue of $13.19 billion for the quarter, compared to analyst estimates of $103.37 billion. PDD had a net margin of 24.63% and a return on equity of 33.76%. 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 business posted $20.72 earnings per share. On average, analysts forecast that PDD will post 10.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Focus Financial Network Inc. raised its holdings in shares of PDD by 4.3% in the 2nd quarter. Focus Financial Network Inc. now owns 2,376 shares of the company's stock worth $249,000 after purchasing an additional 97 shares in the last quarter. Gunderson Capital Management Inc. raised its holdings in shares of PDD by 5.5% in the 2nd quarter. Gunderson Capital Management Inc. now owns 1,944 shares of the company's stock worth $203,000 after purchasing an additional 101 shares in the last quarter. Lido Advisors LLC raised its holdings in shares of PDD by 4.6% in the 2nd quarter. Lido Advisors LLC now owns 2,633 shares of the company's stock worth $276,000 after purchasing an additional 115 shares in the last quarter. Signaturefd LLC increased its position in shares of PDD by 1.3% in the first quarter. Signaturefd LLC now owns 8,957 shares of the company's stock worth $1,060,000 after acquiring an additional 119 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of PDD by 2.8% in the first quarter. Advisors Asset Management Inc. now owns 5,279 shares of the company's stock worth $625,000 after acquiring an additional 146 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.

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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