PDD (NASDAQ:PDD) Stock Rating Lowered by Zacks Research

PDD (NASDAQ:PDD) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

A number of other analysts also recently weighed in on the company. Daiwa Securities Group reiterated a “hold” rating and set a $80.00 target price on shares of PDD in a research report on Tuesday, June 23rd. Jefferies Financial Group restated a “buy” rating on shares of PDD in a research report on Wednesday, May 27th. Citigroup dropped their price target on PDD from $142.00 to $123.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Nomura cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Finally, Morgan Stanley set a $129.00 price objective on shares of PDD in a research note on Wednesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, PDD currently has an average rating of “Hold” and a consensus price target of $124.64.

PDD Trading Up 1.0%

Shares of PDD opened at $85.71 on Monday. PDD has a 12 month low of $71.94 and a 12 month high of $139.41. The firm’s 50 day moving average is $83.99 and its 200-day moving average is $95.99. The stock has a market capitalization of $122.00 billion and a PE ratio of 9.26.

PDD (NASDAQ:PDD) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by ($1.02). PDD had a net margin of 21.86% and a return on equity of 24.32%. The company had revenue of $15.41 billion during the quarter, compared to the consensus estimate of $15.92 billion. During the same quarter last year, the firm posted $1.57 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. Equities research analysts predict that PDD will post 9.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PDD

Several hedge funds and other institutional investors have recently modified their holdings of PDD. Ramsey Quantitative Systems bought a new stake in shares of PDD during the 2nd quarter worth $53,000. Wasatch Advisors LP bought a new position in PDD in the second quarter valued at about $3,658,000. Handelsbanken Fonder AB grew its position in PDD by 9.1% in the second quarter. Handelsbanken Fonder AB now owns 415,029 shares of the company’s stock valued at $31,658,000 after acquiring an additional 34,750 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its position in PDD by 31.0% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 7,407 shares of the company’s stock valued at $565,000 after acquiring an additional 1,751 shares during the last quarter. Finally, FNY Investment Advisers LLC raised its stake in PDD by 166.7% during the second quarter. FNY Investment Advisers LLC now owns 1,600 shares of the company’s stock worth $122,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors own 39.83% of the company’s stock.

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.