Fifth Third Bancorp Invests $464,000 in PDD Holdings Inc. (NASDAQ:PDD)

Fifth Third Bancorp purchased a new stake in PDD Holdings Inc. (NASDAQ:PDD) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 3,491 shares of the company’s stock, valued at approximately $464,000.

Other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in PDD during the 4th quarter worth approximately $13,379,000. Yousif Capital Management LLC raised its position in PDD by 6.6% during the fourth quarter. Yousif Capital Management LLC now owns 33,804 shares of the company’s stock valued at $4,946,000 after buying an additional 2,090 shares during the period. Truist Financial Corp lifted its stake in PDD by 12.8% in the 4th quarter. Truist Financial Corp now owns 3,143 shares of the company’s stock worth $460,000 after acquiring an additional 357 shares in the last quarter. Headlands Technologies LLC acquired a new stake in PDD during the 4th quarter worth about $229,000. Finally, Dohj LLC acquired a new stake in PDD during the 4th quarter worth about $635,000. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Stock Down 5.0 %

PDD opened at $139.87 on Friday. The firm has a market cap of $192.44 billion, a P/E ratio of 18.53, a price-to-earnings-growth ratio of 0.26 and a beta of 0.63. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.09 and a current ratio of 2.09. The business has a 50 day moving average price of $137.27 and a 200 day moving average price of $133.03. PDD Holdings Inc. has a twelve month low of $77.53 and a twelve month high of $164.69.

PDD (NASDAQ:PDD) last issued its quarterly earnings data on Wednesday, May 22nd. The company reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $1.19. The business had revenue of $12.02 billion during the quarter, compared to analysts’ expectations of $10.62 billion. PDD had a net margin of 26.93% and a return on equity of 45.04%. Research analysts forecast that PDD Holdings Inc. will post 11.41 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PDD shares. UBS Group increased their price target on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Citigroup lifted their target price on shares of PDD from $185.00 to $198.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Barclays upped their price target on shares of PDD from $178.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Sanford C. Bernstein lifted their price objective on PDD from $180.00 to $235.00 and gave the company an “outperform” rating in a research report on Thursday, May 23rd. Finally, Bank of America upped their target price on PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $188.33.

PDD 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.