Sylebra Capital LLC Sells 193,247 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Sylebra Capital LLC lowered its position in PDD Holdings Inc. (NASDAQ:PDD) by 54.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 159,955 shares of the company’s stock after selling 193,247 shares during the quarter. PDD comprises 0.8% of Sylebra Capital LLC’s investment portfolio, making the stock its 23rd largest holding. Sylebra Capital LLC’s holdings in PDD were worth $21,266,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. grew its stake in PDD by 1.0% in the 2nd quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock valued at $4,670,322,000 after buying an additional 348,130 shares in the last quarter. Vanguard Group Inc. grew its position in shares of PDD by 0.4% in the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock valued at $2,820,408,000 after purchasing an additional 97,648 shares in the last quarter. Hhlr Advisors LTD. raised its stake in shares of PDD by 16.6% during the 1st quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after purchasing an additional 1,680,600 shares during the period. Assenagon Asset Management S.A. lifted its holdings in PDD by 16.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after purchasing an additional 826,525 shares in the last quarter. Finally, Tairen Capital Ltd boosted its stake in PDD by 49.8% in 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. Institutional investors own 29.07% of the company’s stock.

PDD Stock Performance

NASDAQ:PDD opened at $135.38 on Monday. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. The firm’s fifty day simple moving average is $118.45 and its 200 day simple moving average is $128.63. The stock has a market cap of $186.27 billion, a P/E ratio of 17.93, a price-to-earnings-growth ratio of 0.28 and a beta of 0.69. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month 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 analysts’ consensus estimates of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The company had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. During the same period in the prior year, the firm earned $1.27 earnings per share. PDD’s revenue was up 85.7% on a year-over-year basis. As a group, research analysts predict that PDD Holdings Inc. will post 11.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PDD. Nomura Securities raised shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Benchmark lowered their target price on shares of PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Bank of America dropped their target price on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Two research 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 currently has an average rating of “Buy” and a consensus price target of $177.78.

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.