Caxton Associates LP Invests $971,000 in PDD Holdings Inc. (NASDAQ:PDD)

Caxton Associates LP purchased a new stake in PDD Holdings Inc. (NASDAQ:PDD) in the first quarter, HoldingsChannel.com reports. The fund purchased 8,350 shares of the company’s stock, valued at approximately $971,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of PDD during the 4th quarter worth $1,075,172,000. Assenagon Asset Management S.A. lifted its holdings in shares of PDD by 15,755.1% in the first quarter. Assenagon Asset Management S.A. now owns 5,087,255 shares of the company’s stock worth $591,393,000 after acquiring an additional 5,055,169 shares during the last quarter. Hhlr Advisors LTD. boosted its stake in shares of PDD by 37.5% in the 4th quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock valued at $1,479,333,000 after purchasing an additional 2,760,100 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of PDD by 6.4% during the 4th quarter. Baillie Gifford & Co. now owns 37,960,238 shares of the company’s stock valued at $5,553,962,000 after purchasing an additional 2,292,068 shares during the last quarter. Finally, Ninety One UK Ltd acquired a new position in PDD during the 4th quarter worth approximately $235,666,000. 29.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PDD shares. UBS Group boosted their target price on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Benchmark upped their target price on PDD from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Barclays lifted their price target on PDD from $178.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Citigroup upped their price objective on PDD from $185.00 to $198.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Finally, Bank of America boosted their target price on shares of PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $188.33.

PDD Trading Down 2.2 %

Shares of PDD traded down $2.78 during trading hours on Tuesday, hitting $124.81. 2,998,636 shares of the stock were exchanged, compared to its average volume of 8,403,255. PDD Holdings Inc. has a fifty-two week low of $75.44 and a fifty-two week high of $164.69. The business has a 50-day moving average of $141.42 and a 200-day moving average of $132.85. The firm has a market capitalization of $171.72 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 0.23 and a beta of 0.63. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09.

PDD (NASDAQ:PDD) last issued its quarterly earnings results 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 firm had revenue of $12.02 billion during the quarter, compared to the consensus estimate of $10.62 billion. PDD had a return on equity of 45.04% and a net margin of 26.93%. On average, research analysts expect that PDD Holdings Inc. will post 11.41 EPS for the current year.

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.