Advisors Asset Management Inc. Buys 1,184 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Advisors Asset Management Inc. raised its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 39.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,148 shares of the company’s stock after acquiring an additional 1,184 shares during the period. Advisors Asset Management Inc.’s holdings in PDD were worth $559,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in PDD. Baillie Gifford & Co. boosted its holdings in PDD by 2.8% during the 3rd quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock valued at $4,868,859,000 after acquiring an additional 988,042 shares during the period. Assenagon Asset Management S.A. boosted its stake 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 period. Tairen Capital Ltd grew its holdings in shares of PDD by 49.8% in the second 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 last quarter. Legal & General Group Plc increased its stake in PDD by 13.0% in the 2nd quarter. Legal & General Group Plc now owns 5,332,414 shares of the company’s stock worth $708,944,000 after buying an additional 612,119 shares during the period. Finally, E Fund Management Co. Ltd. lifted its holdings in PDD by 1.3% during the 2nd quarter. E Fund Management Co. Ltd. now owns 4,619,649 shares of the company’s stock valued at $614,182,000 after buying an additional 58,370 shares in the last quarter. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Stock Performance

Shares of PDD stock opened at $98.80 on Thursday. The firm has a market cap of $135.94 billion, a price-to-earnings ratio of 9.65, a PEG ratio of 0.26 and a beta of 0.71. The company’s 50 day moving average is $123.34 and its 200 day moving average is $128.92. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.66 by $20.58. PDD had a net margin of 29.05% and a return on equity of 46.08%. The business had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. During the same period in the previous year, the company earned $1.27 earnings per share. The business’s revenue for the quarter was up 85.7% on a year-over-year basis. On average, sell-side analysts anticipate that PDD Holdings Inc. will post 11.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PDD has been the topic of a number of research analyst reports. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Citigroup cut PDD from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Barclays cut their price target on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 27th. Finally, Sanford C. Bernstein lowered their price objective 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. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.