Arete Research Downgrades PDD (NASDAQ:PDD) to Hold

PDD (NASDAQ:PDD) was downgraded by equities research analysts at Arete Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday, Marketbeat reports. They currently have a $93.00 target price on the stock. Arete Research’s price objective suggests a potential upside of 16.61% from the stock’s previous close.

PDD has been the topic of several other reports. Zacks Research raised shares of PDD from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 25th. Benchmark decreased their price objective on PDD from $127.00 to $114.00 and set a “buy” rating for the company in a report on Tuesday, August 25th. Jefferies Financial Group reissued a “buy” rating on shares of PDD in a research report on Wednesday, May 27th. Bank of America restated a “neutral” rating on shares of PDD in a research note on Wednesday, August 26th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $105.00 target price on shares of PDD in a research note on Monday, August 24th. Five research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $114.83.

PDD Stock Down 3.0%

Shares of PDD stock opened at $79.75 on Monday. The firm’s 50 day moving average price is $85.91 and its 200-day moving average price is $91.96. PDD has a 52-week low of $71.94 and a 52-week high of $139.41. The company has a market cap of $113.52 billion, a P/E ratio of 8.78, a PEG ratio of 0.62 and a beta of -0.01.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Friday, August 14th. The company reported $2.84 EPS for the quarter. PDD had a net margin of 20.73% and a return on equity of 22.29%. The firm had revenue of $16.54 billion during the quarter. As a group, equities research analysts forecast that PDD will post 10.5 EPS for the current fiscal year.

Institutional Trading of PDD

Institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System grew its position in PDD by 5,977.1% during the 2nd quarter. California State Teachers Retirement System now owns 22,016,773 shares of the company’s stock worth $1,679,439,000 after purchasing an additional 21,654,483 shares during the last quarter. H&H International Investment LLC raised its holdings in shares of PDD by 71.2% in the first quarter. H&H International Investment LLC now owns 19,748,294 shares of the company’s stock worth $2,017,881,000 after buying an additional 8,211,600 shares during the last quarter. Norges Bank acquired a new stake in shares of PDD during the fourth quarter worth $1,065,446,000. Geode Capital Management LLC lifted its stake in shares of PDD by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company’s stock worth $761,720,000 after buying an additional 359,921 shares during the period. Finally, Krane Funds Advisors LLC lifted its stake in shares of PDD by 4.2% during the fourth quarter. Krane Funds Advisors LLC now owns 6,397,960 shares of the company’s stock worth $725,465,000 after buying an additional 258,888 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

About PDD

PDD Holdings Inc is a multinational commerce group that operates technology platforms connecting consumers, merchants, producers and suppliers. The company’s businesses focus on online retail, agricultural commerce and value-oriented shopping experiences, using interactive features, data and consumer demand to support transactions and product discovery.

Its flagship platform, Pinduoduo, serves consumers in China and offers a broad selection of products, including agricultural goods, groceries, household items, apparel, electronics and other consumer merchandise.