Los Angeles Capital Management LLC Sells 299,540 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Los Angeles Capital Management LLC reduced its stake in PDD Holdings Inc. (NASDAQ:PDD) by 97.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,066 shares of the company’s stock after selling 299,540 shares during the period. Los Angeles Capital Management LLC’s holdings in PDD were worth $953,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC purchased a new position in shares of PDD during the 2nd quarter valued at $32,000. Richardson Financial Services Inc. boosted its position in shares of PDD by 3,883.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after acquiring an additional 233 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of PDD during the third quarter worth about $34,000. Strategic Financial Concepts LLC bought a new position in shares of PDD in the second quarter worth approximately $40,000. Finally, Mather Group LLC. raised its stake in PDD by 1,106.3% in the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after purchasing an additional 354 shares in the last quarter. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Bank of America dropped their price target on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Citigroup lowered PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Daiwa America upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Benchmark decreased their price target on shares of PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $182.40.

PDD Stock Performance

PDD stock opened at $114.00 on Friday. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The firm has a market cap of $156.85 billion, a P/E ratio of 12.24, a P/E/G ratio of 0.27 and a beta of 0.71. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The firm has a 50-day moving average of $121.17 and a 200-day moving average of $130.62.

PDD (NASDAQ:PDD) last issued its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $100.17 billion. During the same period in the previous year, the firm earned $1.27 EPS. The company’s quarterly revenue was up 85.7% compared to the same quarter last year. Sell-side analysts expect that PDD Holdings Inc. will post 11.19 EPS for the current year.

About PDD

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.