PDD (NASDAQ:PDD) Price target cut to $185.00

PDD (NASDAQ:PDD – Get a Free Report) Their price target was dropped by Benchmark from $230.00 to $185.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. The benchmark’s price target indicates a potential upside of 85.00% from the stock’s previous close.

Several other equities research analysts recently issued reports on PDD. Barclays boosted their price objective on shares of PDD from $178.00 to $224.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Jefferies Financial Group cut their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research report on Monday. UBS Group upped their target price on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Macquarie cut shares of PDD from an “outperform” rating to a “neutral” rating in a research report on Monday. Finally, Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and cut their price target for the company from $194.00 to $120.00 in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $168.83.

Check out our latest analysis on PDD

PDD stock performance

Shares of NASDAQ:PDD opened at $100.00 on Tuesday. The company has a market cap of $137.59 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 0.26 and a beta of 0.63. PDD has a 12-month low of $79.00 and a 12-month high of $164.69. The company’s 50-day moving average is $136.31 and its 200-day moving average is $132.92. The company has a current ratio of 2.09, a quick ratio of 2.09, and a debt-to-equity ratio of 0.02.

Institutional investors intervene on PDD

Hedge funds have recently made changes to their business positions. Ashton Thomas Private Wealth LLC purchased a new position in PDD in the second quarter valued at approximately $32,000. Richardson Financial Services Inc. boosted its holdings in PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after purchasing an additional 233 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of PDD in the first quarter worth about $29,000. Mather Group LLC. raised its stake in shares of PDD by 1,106.3% in the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after purchasing an additional 354 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in shares of PDD during the 4th quarter worth about $59,000. Institutional investors and hedge funds own 29.07% of the company’s shares.

PDD Company Profile

(Get a free report)

PDD Holdings Inc, a multinational trading group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products from various categories including agricultural products, apparel, shoes, bags, mother and baby care products, food and beverages, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness products and car accessories; and Temu, an online marketplace.

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