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PDD Holdings Inc. (NASDAQ:PDD) shares continue trading lower Tuesday after the stock posted its largest single-day loss on Monday following its second-quarter results.
What To Know:
PDD shares plummeted more than 28% Monday after the company warned that increased competition and other challenges may impact its near-term profits and future growth.
“While encouraged by the solid progress we made in the past few quarters, we see many challenges ahead,” said Lei Chen, chairman and co-CEO of PDD Holdings.
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Goldman Sachs analyst Ronald Keung, said the negative market reaction was likely driven by heightened expectations as well as management's comments about slower revenue growth. The stock had surged about 20% since late July in anticipation of strong second-quarter results.
Multiple analysts updated coverage on PDD stock following the print:
When trying to assess whether or not PDD Holdings will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $159 on PDD Holdings. The Street high target is currently at $185 and the Street low target is $120. Of all the analysts covering PDD Holdings, 5 have positive ratings, one has neutral ratings and no one has negative ratings.
In the last month, 7 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering PDD Holdings have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. PDD Holdings is 33.98% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about PDD Holdings, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
PDD Price Action: According to Benzinga Pro, PDD Holdings shares are down 3.1% at $96.84 at the time of publication Tuesday.
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Posted In: PDD