PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC reduced its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 11.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,594 shares of the company’s stock after selling 1,803 shares during the period. Intech Investment Management LLC’s holdings in PDD were worth $1,967,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Baillie Gifford & Co. increased its position in PDD by 2.8% during the third quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock worth $4,868,859,000 after purchasing an additional 988,042 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of PDD by 16.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after buying an additional 826,525 shares during the last quarter. Tairen Capital Ltd raised its position in shares of PDD by 49.8% in the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after buying an additional 1,788,076 shares during the period. Legal & General Group Plc boosted its holdings in PDD by 13.0% in the second quarter. Legal & General Group Plc now owns 5,332,414 shares of the company’s stock valued at $708,944,000 after acquiring an additional 612,119 shares during the last quarter. Finally, E Fund Management Co. Ltd. boosted its holdings in PDD by 1.3% in the second quarter. E Fund Management Co. Ltd. now owns 4,619,649 shares of the company’s stock valued at $614,182,000 after acquiring an additional 58,370 shares during the last quarter. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of PDD stock opened at $100.07 on Monday. 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’s 50-day simple moving average is $123.24 and its 200-day simple moving average is $129.64. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The firm has a market cap of $137.68 billion, a PE ratio of 9.77, a price-to-earnings-growth ratio of 0.25 and a beta of 0.71.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. PDD had a net margin of 29.05% and a return on equity of 49.53%. The firm had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter in the previous year, the company posted $1.27 earnings per share. The firm’s revenue was up 85.7% on a year-over-year basis. Equities analysts forecast that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America decreased their price target on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Finally, Jefferies Financial Group cut their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $173.40.

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.