PDD (NASDAQ:PDD) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of PDD (NASDAQ:PDD) from a hold rating to a strong sell rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other brokerages also recently issued reports on PDD. Nomura downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Citigroup cut their price objective on PDD from $142.00 to $123.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Sanford C. Bernstein lowered their target price on PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a report on Wednesday, May 27th. Morgan Stanley set a $129.00 target price on PDD in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of PDD in a research note on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $124.64.

PDD Trading Up 1.0%

PDD opened at $85.71 on Monday. The company has a market cap of $122.00 billion and a P/E ratio of 9.26. The company’s 50 day moving average is $83.99 and its 200-day moving average is $95.99. PDD has a 1-year low of $71.94 and a 1-year high of $139.41.

PDD (NASDAQ:PDD) last released 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). PDD had a return on equity of 24.32% and a net margin of 21.86%.The company had revenue of $15.41 billion for the quarter, compared to analyst estimates of $15.92 billion. During the same quarter in the prior year, the company earned $1.57 earnings per share. PDD’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities analysts forecast that PDD will post 9.7 EPS for the current year.

Institutional Trading of PDD

Several institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in PDD during the 4th quarter worth $1,065,446,000. H&H International Investment LLC grew its position in shares of PDD by 71.2% in the 1st quarter. H&H International Investment LLC now owns 19,748,294 shares of the company’s stock valued at $2,017,881,000 after buying an additional 8,211,600 shares during the last quarter. Himalaya Capital Management LLC acquired a new stake in shares of PDD in the second quarter valued at about $482,273,000. Dodge & Cox acquired a new stake in shares of PDD in the fourth quarter valued at about $503,429,000. Finally, Orbis Allan Gray Ltd increased its stake in shares of PDD by 135.6% in the second quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after buying an additional 3,250,416 shares during the period. Institutional investors own 39.83% of the company’s stock.

PDD Company Profile

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.