PDD Holdings Inc. (NASDAQ:PDD) Shares Acquired by Ballentine Partners LLC

Ballentine Partners LLC grew its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 11.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,022 shares of the company’s stock after purchasing an additional 321 shares during the quarter. Ballentine Partners LLC’s holdings in PDD were worth $407,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. increased its stake in shares of PDD by 36.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 5,208 shares of the company’s stock worth $605,000 after buying an additional 1,398 shares during the last quarter. Diversified Trust Co increased its position in shares of PDD by 124.2% in the 1st quarter. Diversified Trust Co now owns 8,882 shares of the company’s stock worth $1,033,000 after purchasing an additional 4,920 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in PDD in the first quarter valued at about $1,365,000. Allspring Global Investments Holdings LLC bought a new position in PDD during the 1st quarter worth approximately $1,656,000. Finally, Naviter Wealth LLC bought a new stake in shares of PDD in the 1st quarter valued at approximately $1,118,000. 29.07% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Performance

PDD stock opened at $122.47 on Monday. The stock has a market cap of $168.50 billion, a P/E ratio of 16.22, a P/E/G ratio of 0.31 and a beta of 0.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. The firm has a 50 day simple moving average of $119.25 and a 200 day simple moving average of $130.78. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. During the same period in the previous year, the company posted $1.27 EPS. PDD’s revenue was up 85.7% on a year-over-year basis. Research analysts anticipate that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PDD shares. Jefferies Financial Group reduced their price objective on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Benchmark reduced their price target on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Bank of America cut their target price on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Citigroup cut PDD from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Finally, Barclays lowered their price target on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $182.40.

PDD Profile

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.