PDD (NASDAQ:PDD) Upgraded by The Goldman Sachs Group to “Buy”

The Goldman Sachs Group upgraded shares of PDD (NASDAQ:PDD) from a neutral rating to a buy rating in a research note published on Friday, Marketbeat reports. They currently have $184.00 price objective on the stock, up from their previous price objective of $145.00.

Several other research firms have also recently weighed in on PDD. UBS Group increased their price objective on PDD from $248.00 to $272.00 and gave the stock a buy rating in a research report on Wednesday. Sanford C. Bernstein increased their price target on PDD from $180.00 to $235.00 and gave the stock an outperform rating in a research report on Thursday. Barclays increased their price target on PDD from $164.00 to $178.00 and gave the stock an overweight rating in a research report on Thursday, March 21st. Jefferies Financial Group raised their target price on PDD from $157.00 to $161.00 and gave the company a buy rating in a report on Thursday, March 21st. Finally, Citigroup raised their target price on PDD from $185.00 to $198.00 and gave the company a buy rating in a report on Thursday. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of Buy and a consensus target price of $182.31.

PDD Stock Up 2.6 %

PDD stock traded up $3.94 during midday trading on Friday, reaching $157.57. The stock had a trading volume of 19,118,752 shares, compared to its average volume of 10,809,987. The stock has a market capitalization of $216.80 billion, a P/E ratio of 20.87, a price-to-earnings-growth ratio of 0.40 and a beta of 0.67. PDD has a 1-year low of $59.98 and a 1-year high of $164.69. The firm’s fifty day simple moving average is $128.33 and its 200-day simple moving average is $131.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.93 and a current ratio of 2.09.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Wednesday, March 20th. The company reported $2.23 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.81. The firm had revenue of $12.52 billion for the quarter, compared to analyst estimates of $11.80 billion. PDD had a return on equity of 45.04% and a net margin of 26.93%. As a group, analysts expect that PDD will post 7.85 EPS for the current fiscal year.

Institutional Investors Weigh In On PDD

Several institutional investors and hedge funds have recently added to or reduced their stakes in PDD. Raymond James & Associates grew its stake in shares of PDD by 156.5% in the 3rd quarter. Raymond James & Associates now owns 8,736 shares of the company’s stock worth $857,000 after buying an additional 5,330 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of PDD by 18.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 84,443 shares of the company’s stock worth $8,281,000 after purchasing an additional 12,986 shares during the period. Ieq Capital LLC boosted its stake in shares of PDD by 19.8% during the 3rd quarter. Ieq Capital LLC now owns 5,259 shares of the company’s stock worth $516,000 after purchasing an additional 870 shares during the period. Victory Capital Management Inc. boosted its stake in shares of PDD by 8.1% during the 3rd quarter. Victory Capital Management Inc. now owns 860,389 shares of the company’s stock worth $84,378,000 after purchasing an additional 64,229 shares during the period. Finally, Los Angeles Capital Management LLC boosted its position in PDD by 152.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 110,620 shares of the company’s stock valued at $10,849,000 after buying an additional 66,748 shares during the period. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Company Profile

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.