PDD (NASDAQ:PDD) Stock Rating Lowered by Morgan Stanley

PDD (NASDAQ:PDD) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report released on Monday, FinViz reports. They currently have a $90.00 price objective on the stock, down from their previous price objective of $129.00. Morgan Stanley‘s price objective would indicate a potential upside of 8.39% from the company’s previous close.

A number of other research firms have also recently issued reports on PDD. JPMorgan Chase & Co. reduced their target price on shares of PDD from $110.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, September 10th. Benchmark decreased their target price on shares of PDD from $127.00 to $114.00 and set a “buy” rating for the company in a research report on Tuesday, August 25th. Arete Research lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $93.00 price target on the stock. in a research note on Monday, September 7th. Zacks Research upgraded shares of PDD from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 25th. Finally, Weiss Ratings upgraded shares of PDD from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, October 27th. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, PDD presently has a consensus rating of “Hold” and an average price target of $107.31.

PDD Price Performance

NASDAQ PDD opened at $83.03 on Monday. The firm has a market capitalization of $118.18 billion, a price-to-earnings ratio of 9.14, a price-to-earnings-growth ratio of 0.66 and a beta of -0.03. PDD has a 52-week low of $71.94 and a 52-week high of $139.12. The company has a 50 day simple moving average of $79.82 and a 200-day simple moving average of $90.54.

PDD (NASDAQ:PDD) last announced its quarterly earnings results on Friday, August 14th. The company reported $2.84 EPS for the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%. The business had revenue of $16.54 billion during the quarter. On average, analysts predict that PDD will post 10.02 EPS for the current year.

Institutional Trading of PDD

Several large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. raised its stake in shares of PDD by 49.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 856,365 shares of the company’s stock valued at $66,620,000 after acquiring an additional 281,477 shares in the last quarter. Lido Advisors LLC acquired a new stake in PDD in the 3rd quarter worth approximately $3,460,000. M&G PLC boosted its position in PDD by 10.3% during the third quarter. M&G PLC now owns 274,120 shares of the company’s stock worth $21,381,000 after purchasing an additional 25,504 shares during the period. Allspring Global Investments Holdings LLC boosted its position in PDD by 1.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 931,904 shares of the company’s stock worth $71,291,000 after purchasing an additional 10,308 shares during the period. Finally, Candriam S.C.A. boosted its position in PDD by 32.2% during the third quarter. Candriam S.C.A. now owns 86,300 shares of the company’s stock worth $6,751,000 after purchasing an additional 21,000 shares during the period. Institutional investors own 39.83% of the company’s stock.

PDD Company Profile

PDD Holdings Inc operates e-commerce platforms that connect consumers with merchants and other suppliers. Its businesses include Pinduoduo, a marketplace focused on China, and Temu, an international online marketplace.

Pinduoduo uses interactive shopping features, including group buying, and offers products across categories such as groceries, apparel, home goods and electronics. The platform has also emphasized agricultural products, connecting farmers with consumers and other buyers.

Temu serves customers in multiple markets outside China and offers a wide range of merchandise from suppliers and brands.