Naviter Wealth LLC Takes $1.12 Million Position in PDD Holdings Inc. (NASDAQ:PDD)

Naviter Wealth LLC bought a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 9,616 shares of the company’s stock, valued at approximately $1,118,000.

Several other institutional investors have also bought and sold shares of the stock. Mariner LLC lifted its holdings in shares of PDD by 51.7% during the third quarter. Mariner LLC now owns 13,347 shares of the company’s stock valued at $1,309,000 after acquiring an additional 4,546 shares during the period. California State Teachers Retirement System increased its position in shares of PDD by 5.1% during the 3rd quarter. California State Teachers Retirement System now owns 130,519 shares of the company’s stock worth $12,800,000 after purchasing an additional 6,318 shares in the last quarter. Fred Alger Management LLC lifted its holdings in PDD by 67.1% during the 3rd quarter. Fred Alger Management LLC now owns 7,500 shares of the company’s stock valued at $736,000 after purchasing an additional 3,013 shares during the last quarter. SRS Capital Advisors Inc. boosted its position in PDD by 294.4% in the third quarter. SRS Capital Advisors Inc. now owns 280 shares of the company’s stock valued at $27,000 after buying an additional 209 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in PDD by 15.7% during the third quarter. AQR Capital Management LLC now owns 808,589 shares of the company’s stock worth $79,298,000 after buying an additional 109,855 shares during the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PDD. Jefferies Financial Group increased their price target on PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. UBS Group increased their target price on PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Sanford C. Bernstein raised their target price on shares of PDD from $180.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. Barclays upped their price objective on PDD from $178.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Finally, Benchmark raised their target price on PDD from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $188.33.

PDD Stock Performance

PDD opened at $133.88 on Wednesday. The company has a market capitalization of $184.20 billion, a price-to-earnings ratio of 17.73, a P/E/G ratio of 0.23 and a beta of 0.63. The business’s 50-day moving average price is $141.72 and its two-hundred day moving average price is $134.61. PDD Holdings Inc. has a 1 year low of $67.55 and a 1 year high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Wednesday, May 22nd. The company reported $2.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $1.19. The company had revenue of $12.02 billion for the quarter, compared to the consensus estimate of $10.62 billion. PDD had a net margin of 26.93% and a return on equity of 45.04%. Equities analysts expect that PDD Holdings Inc. will post 11.41 EPS for the current fiscal 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.