PDD (NASDAQ:PDD) Sets New 52-Week Low – Here’s What Happened

PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) shares hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $78.82 and last traded at $78.9450, with a volume of 2260905 shares. The stock had previously closed at $79.86.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PDD shares. BNP Paribas Exane began coverage on PDD in a research report on Monday. They set an “underperform” rating and a $89.00 price target on the stock. Benchmark reduced their price objective on shares of PDD from $160.00 to $127.00 and set a “buy” rating for the company in a research note on Thursday, May 28th. Barclays lowered shares of PDD from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $165.00 to $89.00 in a report on Thursday, May 28th. Sanford C. Bernstein cut their price target on shares of PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a report on Wednesday, May 27th. Finally, Morgan Stanley set a $129.00 price target on shares of PDD in a research report on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $128.08.

PDD Price Performance

The stock has a 50-day simple moving average of $93.29 and a two-hundred day simple moving average of $102.20. The firm has a market cap of $113.25 billion, a PE ratio of 8.59, a P/E/G ratio of 0.63 and a beta of -0.02.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $1.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by ($1.02). The firm had revenue of $15.41 billion during the quarter, compared to analysts’ expectations of $15.92 billion. PDD had a return on equity of 24.32% and a net margin of 21.86%.PDD’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.57 earnings per share. Research analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.92 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PDD. GAMMA Investing LLC boosted its stake in shares of PDD by 595.0% in the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after purchasing an additional 238 shares in the last quarter. Binnacle Investments Inc raised its position in PDD by 281.7% in the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after purchasing an additional 200 shares during the period. Smartleaf Asset Management LLC raised its position in PDD by 230.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock worth $43,000 after purchasing an additional 263 shares during the period. Wexford Capital LP bought a new stake in PDD in the third quarter worth $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in PDD in the fourth quarter worth $44,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

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.