JPMorgan Chase & Co. Cuts PDD (NASDAQ:PDD) Price Target to $95.00

PDD (NASDAQ:PDD) had its target price lowered by JPMorgan Chase & Co. from $110.00 to $95.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages have also issued reports on PDD. Morgan Stanley set a $129.00 price target on shares of PDD in a report on Wednesday, May 27th. The Goldman Sachs Group reissued a “buy” rating on shares of PDD in a research note on Thursday, May 28th. Barclays lowered shares of PDD from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $165.00 to $89.00 in a research report on Thursday, May 28th. Benchmark cut their price target on shares of PDD from $127.00 to $114.00 and set a “buy” rating for the company in a research note on Tuesday, August 25th. Finally, Arete Research set a $93.00 price objective on PDD and gave the company a “neutral” rating in a report on Monday, September 7th. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $113.31.

PDD Price Performance

NASDAQ PDD opened at $77.81 on Thursday. PDD has a fifty-two week low of $71.94 and a fifty-two week high of $139.41. The stock’s 50-day moving average is $85.65 and its two-hundred day moving average is $91.51. The firm has a market cap of $110.75 billion, a P/E ratio of 8.57, a price-to-earnings-growth ratio of 0.59 and a beta of -0.01.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Friday, August 14th. The company reported $2.84 earnings per share (EPS) for the quarter. The company had revenue of $16.54 billion during the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%. On average, equities analysts expect that PDD will post 10.5 EPS for the current year.

Institutional Trading of PDD

Hedge funds have recently modified their holdings of the company. Binnacle Investments Inc boosted its holdings in shares of PDD by 281.7% in the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after acquiring an additional 200 shares in the last quarter. Grove Bank & Trust acquired a new stake in PDD during the 2nd quarter valued at $38,000. Smartleaf Asset Management LLC raised its position in PDD by 230.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock valued at $43,000 after purchasing an additional 263 shares during the last quarter. Wexford Capital LP bought a new position in PDD in the 3rd quarter valued at $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in PDD in the 4th quarter valued at $44,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Company Profile

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.