Raymond James & Associates trimmed its holdings in PDD Holdings Inc. (NASDAQ:PDD – Free Report) by 66.4% in the 2nd quarter, Holdings Channel reports. The fund owned 3,406 shares of the company’s stock after selling 6,742 shares during the quarter. Raymond James & Associates’ holdings in PDD were worth $235,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the business. Hhlr Advisors LTD. increased its stake in PDD by 266.5% during the 1st quarter. Hhlr Advisors LTD. now owns 10,642,847 shares of the company’s stock valued at $807,792,000 after purchasing an additional 7,739,047 shares in the last quarter. Norges Bank bought a new stake in PDD during the 4th quarter valued at about $501,089,000. Alliancebernstein L.P. increased its stake in PDD by 3,780.5% during the 4th quarter. Alliancebernstein L.P. now owns 2,845,009 shares of the company’s stock valued at $232,010,000 after purchasing an additional 2,771,693 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in PDD during the 1st quarter valued at about $72,253,000. Finally, Renaissance Technologies LLC increased its stake in PDD by 104.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,087,700 shares of the company’s stock valued at $83,738,000 after purchasing an additional 1,064,300 shares in the last quarter. 31.08% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on PDD. CLSA raised their price objective on shares of PDD from $95.00 to $114.00 in a research note on Wednesday, August 30th. Bank of America raised their price target on shares of PDD from $97.00 to $112.00 and gave the company a “buy” rating in a report on Tuesday, August 29th. Sanford C. Bernstein raised their price target on shares of PDD from $105.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, August 30th. Morgan Stanley raised their price target on shares of PDD from $110.00 to $120.00 in a report on Tuesday, August 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of PDD from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, August 30th. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, PDD currently has a consensus rating of “Buy” and a consensus target price of $122.25.
PDD Stock Performance
PDD opened at $109.04 on Monday. PDD Holdings Inc. has a 12-month low of $59.67 and a 12-month high of $112.77. The company has a market cap of $143.89 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 1.08 and a beta of 0.64. The company’s 50 day moving average is $102.17 and its 200 day moving average is $84.42. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.01.
PDD (NASDAQ:PDD – Get Free Report) last released its earnings results on Tuesday, August 29th. The company reported $10.47 EPS for the quarter, topping analysts’ consensus estimates of $7.30 by $3.17. PDD had a net margin of 24.93% and a return on equity of 33.87%. The company had revenue of $52.28 billion for the quarter, compared to analysts’ expectations of $43.39 billion. During the same quarter last year, the business earned $0.93 EPS. The firm’s revenue was up 66.3% compared to the same quarter last year. On average, equities research analysts predict that PDD Holdings Inc. will post 3.92 EPS for the current year.
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.
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