Allspring Global Investments Holdings LLC Boosts Position in PDD Holdings Inc. (NASDAQ:PDD)

Allspring Global Investments Holdings LLC raised its stake in PDD Holdings Inc. (NASDAQ:PDD) by 11.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 15,843 shares of the company’s stock after buying an additional 1,623 shares during the period. Allspring Global Investments Holdings LLC’s holdings in PDD were worth $2,136,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PDD. Ashton Thomas Private Wealth LLC bought a new stake in shares of PDD during the second quarter valued at approximately $32,000. Richardson Financial Services Inc. raised its position in 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 purchasing an additional 233 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in PDD during the 3rd quarter valued at $34,000. Mather Group LLC. lifted 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 worth $51,000 after buying an additional 354 shares during the period. Finally, Ridgewood Investments LLC bought a new position in shares of PDD during the 2nd quarter worth $60,000. 29.07% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Benchmark decreased their price objective on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $126.00 to $224.00 in a report on Monday, October 7th. Finally, Jefferies Financial Group lowered their target price on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a report on Monday, August 26th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, PDD currently has an average rating of “Buy” and an average price target of $182.40.

PDD Stock Performance

Shares of PDD opened at $125.25 on Wednesday. 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 $172.33 billion, a PE ratio of 16.59, a P/E/G ratio of 0.30 and a beta of 0.71. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The stock has a fifty day moving average price of $118.36 and a 200-day moving average price of $130.88.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating 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 analysts’ expectations of $100.17 billion. During the same period last year, the business posted $1.27 earnings per share. The firm’s revenue was up 85.7% compared to the same quarter last year. Equities research analysts predict that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal year.

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.