PDD (NASDAQ:PDD) Releases Earnings Results, Beats Expectations By $0.86 EPS

Key Points

• PDD reported earnings of $2.90 per share, exceeding analysts' expectations of $2.04 by a significant margin of $0.86.
• The company's stock saw a 3.4% increase following the positive earnings announcement, with a current market capitalization of $176.96 billion.
• Brokerage firms are divided on PDD's outlook, with price targets ranging from $112.00 to $165.00 and a consensus rating of "Moderate Buy".

PDD (NASDAQ:PDD - Get Free Report) announced its quarterly earnings data on Monday. The company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.86, Zacks reports. The company had revenue of $14.50 billion during the quarter, compared to analyst estimates of $102.97 billion. PDD had a return on equity of 30.57% and a net margin of 23.93%.The firm's revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $23.24 EPS.

PDD Price Performance

NASDAQ:PDD remained flat at $122.22 during mid-day trading on Thursday. The company had a trading volume of 5,665,468 shares, compared to its average volume of 8,862,717. The company has a 50 day moving average price of $111.69 and a 200 day moving average price of $111.29. The company has a market capitalization of $170.15 billion, a PE ratio of 13.26, a P/E/G ratio of 1.66 and a beta of 0.42. PDD has a one year low of $87.11 and a one year high of $155.67.

Wall Street Analyst Weigh In

PDD has been the subject of a number of recent analyst reports. China Renaissance reaffirmed a "hold" rating and set a $107.00 target price on shares of PDD in a report on Wednesday, May 28th. Benchmark reiterated a "buy" rating and set a $160.00 price target (up previously from $128.00) on shares of PDD in a research report on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $112.00 price target on shares of PDD in a research report on Wednesday, May 28th. JPMorgan Chase & Co. dropped their price target on PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Finally, Macquarie set a $165.00 price target on PDD and gave the company an "outperform" rating in a research report on Monday. Five investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, PDD currently has an average rating of "Hold" and a consensus price target of $137.82.

Institutional Trading of PDD

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System raised its holdings in shares of PDD by 2.0% during the second quarter. California State Teachers Retirement System now owns 324,758 shares of the company's stock valued at $33,989,000 after acquiring an additional 6,445 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of PDD by 0.3% during the second quarter. CIBC Asset Management Inc now owns 142,498 shares of the company's stock valued at $14,914,000 after acquiring an additional 369 shares in the last quarter. Rafferty Asset Management LLC raised its holdings in shares of PDD by 16.1% during the second quarter. Rafferty Asset Management LLC now owns 116,378 shares of the company's stock valued at $12,180,000 after acquiring an additional 16,106 shares in the last quarter. Clough Capital Partners L P bought a new position in shares of PDD during the second quarter valued at approximately $8,171,000. Finally, Quantinno Capital Management LP raised its holdings in shares of PDD by 1.3% during the second quarter. Quantinno Capital Management LP now owns 39,926 shares of the company's stock valued at $4,179,000 after acquiring an additional 530 shares in the last quarter. Institutional investors own 39.83% of the company's stock.

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.