Benchmark Reiterates Buy Rating for PDD (NASDAQ:PDD)

Benchmark reissued their buy rating on shares of PDD (NASDAQ:PDD) in a report released on Friday morning,Benzinga reports. The firm currently has a $160.00 target price on the stock.

Several other research firms also recently issued reports on PDD. JPMorgan Chase & Co. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Jefferies Financial Group dropped their target price on PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Nomura reiterated a “neutral” rating and issued a $130.00 target price (down previously from $137.00) on shares of PDD in a research report on Thursday. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $169.91.

PDD Stock Performance

PDD opened at $126.64 on Friday. PDD has a 52-week low of $88.01 and a 52-week high of $164.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market cap of $174.24 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. The firm’s 50-day moving average price is $115.75 and its 200-day moving average price is $113.13.

Institutional Investors Weigh In On PDD

Several hedge funds have recently bought and sold shares of PDD. Prospera Private Wealth LLC purchased a new stake in PDD in the 3rd quarter worth approximately $27,000. Nisa Investment Advisors LLC purchased a new position in shares of PDD during the 4th quarter valued at approximately $39,000. Brooklyn Investment Group lifted its position in shares of PDD by 340.3% during the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after buying an additional 405 shares in the last quarter. Global Retirement Partners LLC lifted its position in shares of PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after buying an additional 498 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after buying an additional 132 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

About PDD

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.