Employees Retirement System of Texas Reduces Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Employees Retirement System of Texas cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 23.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,994 shares of the company’s stock after selling 2,442 shares during the quarter. Employees Retirement System of Texas’ holdings in PDD were worth $1,063,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC purchased a new stake in PDD during the 2nd quarter worth approximately $32,000. Richardson Financial Services Inc. increased its holdings in PDD by 3,883.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after purchasing an additional 233 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of PDD in the 1st quarter valued at approximately $29,000. Mather Group LLC. increased its holdings in shares of PDD by 1,106.3% in the 2nd quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after acquiring an additional 354 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of PDD in the 4th quarter valued at approximately $59,000. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

PDD Trading Up 13.6 %

Shares of PDD stock opened at $129.40 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The stock has a fifty day moving average of $118.46 and a two-hundred day moving average of $128.35. The firm has a market capitalization of $178.04 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 0.25 and a beta of 0.69.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PDD. Jefferies Financial Group lowered their price target on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a report on Monday, August 26th. Barclays lowered their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a report on Tuesday, August 27th. Bank of America lowered their price target on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Sanford C. Bernstein lowered their price target on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a report on Tuesday, August 27th. Finally, Nomura Securities upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, PDD currently has a consensus rating of “Buy” and an average target price of $177.78.

PDD Company 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.