Barclays Raises PDD (NASDAQ:PDD) Price Target to $224.00
In a recent report, Barclays analysts increased the price target for PDD (NASDAQ:PDD) from $178.00 to $224.00, indicating a potential upside of 42.16% from the current price. This adjustment comes with an “overweight” rating on the stock. Other analysts have also shared their insights on PDD, with Citigroup, Benchmark, JPMorgan Chase & Co., Bank of America, and Jefferies Financial Group all offering positive outlooks. With nine buy ratings in total, PDD is currently rated as a “Buy” with an average price target of $182.31.
PDD Stock Performance and Financials
Shares of NASDAQ PDD opened at $157.57, showcasing a 2.6% increase. The company has a strong financial standing with a current ratio of 2.09, a quick ratio of 1.93, and a debt-to-equity ratio of 0.02. PDD has a market capitalization of $216.80 billion, a PE ratio of 20.87, and a beta of 0.67. In its latest earnings report, PDD exceeded expectations with $2.23 earnings per share and revenue of $12.52 billion. Analysts predict a 7.85 EPS for the current fiscal year.
Institutional Investors’ Impact on PDD
Several institutional investors have shown interest in PDD recently, with significant changes in their holdings. Cetera Advisors LLC, Cetera Investment Advisers, Virtu Financial LLC, EMC Capital Management, and Wahed Invest LLC have all made moves to increase their stakes in PDD. Currently, 29.07% of the stock is owned by institutional investors and hedge funds.
PDD, owned by PDD Holdings Inc, operates as a multinational commerce group with a diverse portfolio of businesses. It runs Pinduoduo, an e-commerce platform offering a wide range of products, and Temu, an online marketplace. With a positive outlook from analysts and strong financial performance, PDD continues to be a promising investment opportunity in the market.