PDD (NASDAQ:PDD) Shares Down 4.1% – Here’s What Happened

Shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) were down 4.1% on Wednesday. The company traded as low as $78.09 and last traded at $78.3160. 1,648,161 shares changed hands during trading, a decline of 79% from the average daily volume of 7,695,279 shares. The stock had previously closed at $81.63.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Bank of America reiterated a “neutral” rating on shares of PDD in a research report on Wednesday, August 26th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $105.00 target price on shares of PDD in a report on Monday, August 24th. Benchmark lowered their target price on PDD from $127.00 to $114.00 and set a “buy” rating for the company in a research note on Tuesday, August 25th. Zacks Research raised PDD from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 25th. Finally, JPMorgan Chase & Co. reduced their price target on shares of PDD from $110.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, September 10th. Five analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, PDD presently has a consensus rating of “Hold” and an average price target of $110.31.

PDD Stock Performance

The firm’s 50-day moving average is $81.60 and its two-hundred day moving average is $87.12. The stock has a market cap of $112.01 billion, a P/E ratio of 8.67, a PEG ratio of 0.64 and a beta of -0.05.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Friday, August 14th. The company reported $2.84 earnings per share (EPS) for the quarter. The firm had revenue of $16.54 billion for the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%. As a group, research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.02 EPS for the current year.

Hedge Funds Weigh In On PDD

Large investors have recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. increased its position in PDD by 40.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,121,534 shares of the company’s stock worth $87,412,000 after purchasing an additional 325,066 shares during the period. Frank Rimerman Advisors LLC raised its holdings in PDD by 9.2% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 4,951 shares of the company’s stock worth $386,000 after purchasing an additional 416 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in PDD during the 3rd quarter valued at about $202,907,000. Ninety One UK Ltd acquired a new position in PDD during the 3rd quarter valued at about $285,000. Finally, GK Wealth Management LLC acquired a new position in PDD during the 3rd quarter valued at about $55,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

About PDD

PDD Holdings Inc is a multinational commerce group that operates online marketplace platforms connecting consumers with merchants, manufacturers and agricultural producers. The company’s platforms use interactive shopping features, including group purchasing and personalized product discovery, to offer a broad range of merchandise at competitive prices.

PDD Holdings’ businesses include Pinduoduo, an e-commerce platform serving consumers in China, and Temu, an online marketplace launched in 2022 that serves consumers across multiple international markets, including North America, Europe and other regions.