PDD (NASDAQ:PDD) Hits New 12-Month High at $116.00

PDD Holdings Inc. (NASDAQ:PDD)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $116.00 and last traded at $115.30, with a volume of 2398695 shares changing hands. The stock had previously closed at $111.00.

Analyst Ratings Changes

A number of brokerages have issued reports on PDD. JPMorgan Chase & Co. upped their price objective on PDD from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, August 30th. CLSA lifted their price target on shares of PDD from $95.00 to $114.00 in a research note on Wednesday, August 30th. HSBC increased their price objective on shares of PDD from $107.00 to $126.00 in a research report on Wednesday, August 30th. Citigroup upped their target price on PDD from $110.00 to $125.00 in a research note on Tuesday, August 29th. Finally, Bank of America boosted their price objective on PDD from $97.00 to $112.00 and gave the company a “buy” rating in a report on Tuesday, August 29th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $122.25.

PDD Stock Up 3.7 %

The firm has a market cap of $151.90 billion, a PE ratio of 27.54, a P/E/G ratio of 1.08 and a beta of 0.64. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.01. The business’s 50-day simple moving average is $102.49 and its 200 day simple moving average is $85.03.

PDD (NASDAQ:PDD) last issued its quarterly earnings data on Tuesday, August 29th. The company reported $10.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.30 by $3.17. PDD had a net margin of 24.93% and a return on equity of 33.87%. The firm had revenue of $52.28 billion for the quarter, compared to the consensus estimate of $43.39 billion. During the same quarter in the previous year, the firm earned $0.93 EPS. The company’s quarterly revenue was up 66.3% compared to the same quarter last year. As a group, equities research analysts expect that PDD Holdings Inc. will post 3.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PDD. Baillie Gifford & Co. increased its holdings in shares of PDD by 14.4% in the third quarter. Baillie Gifford & Co. now owns 35,668,170 shares of the company’s stock valued at $3,497,977,000 after purchasing an additional 4,501,126 shares during the period. FMR LLC increased its stake in shares of PDD by 32.6% during the third quarter. FMR LLC now owns 17,635,104 shares of the company’s stock worth $1,729,475,000 after purchasing an additional 4,334,186 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of PDD by 1.5% during the first quarter. Vanguard Group Inc. now owns 14,124,382 shares of the company’s stock valued at $566,528,000 after acquiring an additional 211,729 shares during the last quarter. Hhlr Advisors LTD. raised its stake in PDD by 266.5% in the 1st quarter. Hhlr Advisors LTD. now owns 10,642,847 shares of the company’s stock valued at $807,792,000 after purchasing an additional 7,739,047 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of PDD by 5.4% in the third quarter. Invesco Ltd. now owns 7,349,430 shares of the company’s stock valued at $720,759,000 after buying an additional 376,947 shares during the last quarter. Hedge funds and other institutional investors own 31.08% 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.