Truist Financial Corp Trims Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Truist Financial Corp cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 41.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,576 shares of the company’s stock after selling 1,130 shares during the quarter. Truist Financial Corp’s holdings in PDD were worth $210,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Baillie Gifford & Co. boosted its holdings in PDD by 1.0% in the second quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock worth $4,670,322,000 after purchasing an additional 348,130 shares during the period. Vanguard Group Inc. lifted its holdings in PDD by 0.4% in the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock worth $2,820,408,000 after acquiring an additional 97,648 shares during the last quarter. Hhlr Advisors LTD. boosted its stake in PDD by 16.6% in the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after acquiring an additional 1,680,600 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of PDD by 16.2% during the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after purchasing an additional 826,525 shares during the last quarter. Finally, Tairen Capital Ltd raised its position in shares of PDD by 49.8% during the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after purchasing an additional 1,788,076 shares during the period. 29.07% of the stock is owned by institutional investors and hedge funds.

PDD Stock Up 0.8 %

PDD stock opened at $124.62 on Friday. The company’s 50 day simple moving average is $121.31 and its 200-day simple moving average is $130.52. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The firm has a market capitalization of $171.46 billion, a P/E ratio of 13.43, a P/E/G ratio of 0.33 and a beta of 0.71.

PDD (NASDAQ:PDD) last announced 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. The firm had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business’s quarterly revenue was up 85.7% compared to the same quarter last year. During the same period last year, the company posted $1.27 EPS. As a group, equities research analysts anticipate that PDD Holdings Inc. will post 11.05 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Benchmark dropped their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Sanford C. Bernstein reduced their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. Barclays dropped their price target on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 27th. Finally, Daiwa America upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, PDD presently has a consensus rating of “Buy” and a consensus price target of $182.40.

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.