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

PDD (NASDAQ:PDD) had its price objective dropped by analysts at JPMorgan Chase & Co. from $110.00 to $95.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 21.89% from the stock’s previous close.

Several other analysts have also commented on PDD. BNP Paribas Exane assumed coverage on PDD in a report on Monday, June 15th. They set an “underperform” rating and a $89.00 target price on the stock. Arete Research set a $93.00 price target on PDD and gave the company a “neutral” rating in a report on Monday. Nomura lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Jefferies Financial Group reaffirmed a “buy” rating on shares of PDD in a research note on Wednesday, May 27th. Finally, Bank of America reaffirmed a “neutral” rating on shares of PDD in a report on Wednesday, August 26th. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $113.31.

PDD Trading Down 0.9%

PDD traded down $0.67 during midday trading on Thursday, hitting $77.94. 1,573,252 shares of the company were exchanged, compared to its average volume of 7,995,975. The company’s 50 day simple moving average is $85.83 and its 200 day simple moving average is $91.80. The firm has a market capitalization of $110.94 billion, a price-to-earnings ratio of 8.58, a price-to-earnings-growth ratio of 0.60 and a beta of -0.01. PDD has a 1-year low of $71.94 and a 1-year high of $139.41.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Friday, August 14th. The company reported $2.84 earnings per share for the quarter. The business 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 anticipate that PDD will post 10.5 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. California State Teachers Retirement System lifted its stake in shares of PDD by 5,977.1% in the second quarter. California State Teachers Retirement System now owns 22,016,773 shares of the company’s stock worth $1,679,439,000 after buying an additional 21,654,483 shares in the last quarter. Norges Bank purchased a new stake in PDD during the 4th quarter valued at about $1,065,446,000. H&H International Investment LLC grew its stake in PDD by 71.2% during the 1st quarter. H&H International Investment LLC now owns 19,748,294 shares of the company’s stock valued at $2,017,881,000 after acquiring an additional 8,211,600 shares in the last quarter. Himalaya Capital Management LLC acquired a new stake in PDD in the 2nd quarter valued at about $482,273,000. Finally, Dodge & Cox acquired a new stake in PDD in the 4th quarter valued at about $503,429,000. 39.83% of the stock is owned by institutional investors and hedge funds.

About PDD

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.