PDD (NASDAQ:PDD) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of PDD (NASDAQ:PDD) from a strong sell rating to a hold rating in a research report released on Tuesday,Zacks.com reports.

A number of other equities analysts also recently commented on PDD. Jefferies Financial Group restated a “buy” rating on shares of PDD in a research report on Wednesday, May 27th. Barclays cut PDD from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $165.00 to $89.00 in a report on Thursday, May 28th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $105.00 target price on shares of PDD in a research report on Monday. Nomura lowered PDD from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Finally, Daiwa Securities Group restated a “hold” rating and issued a $80.00 price target on shares of PDD in a research report on Tuesday, June 23rd. Six investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, PDD presently has a consensus rating of “Hold” and an average price target of $117.17.

PDD Trading Down 1.2%

NASDAQ:PDD opened at $86.74 on Tuesday. The firm has a market cap of $123.47 billion, a P/E ratio of 9.55, a PEG ratio of 0.71 and a beta of 0.02. The stock’s 50 day simple moving average is $84.84 and its 200-day simple moving average is $93.24. PDD has a 12-month low of $71.94 and a 12-month high of $139.41.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Friday, August 14th. The company reported $2.84 EPS for the quarter. PDD had a return on equity of 23.00% and a net margin of 20.73%.The business had revenue of $16.54 billion during the quarter. Research analysts forecast that PDD will post 9.7 EPS for the current fiscal year.

Institutional Investors Weigh In On PDD

Hedge funds have recently modified their holdings of the stock. Focus Partners Wealth raised its stake in PDD by 352.8% during the first quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock worth $1,176,000 after purchasing an additional 7,744 shares during the period. Intech Investment Management LLC boosted its holdings in shares of PDD by 2.7% in the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock valued at $1,762,000 after purchasing an additional 395 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of PDD by 62.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company’s stock valued at $174,000 after buying an additional 637 shares during the period. Cerity Partners LLC grew its stake in shares of PDD by 2.0% during the 2nd quarter. Cerity Partners LLC now owns 19,696 shares of the company’s stock valued at $2,061,000 after buying an additional 382 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in shares of PDD by 0.3% during the 2nd quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock worth $14,914,000 after buying an additional 369 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

About PDD

PDD (NASDAQ: PDD) is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.