PDD Holdings Inc. (NASDAQ:PDD) Shares Acquired by M&G Plc

M&G Plc raised its stake in PDD Holdings Inc. (NASDAQ:PDD) by 7.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 216,600 shares of the company’s stock after buying an additional 14,708 shares during the quarter. M&G Plc’s holdings in PDD were worth $28,808,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Alhambra Investment Management LLC acquired a new position in shares of PDD in the 2nd quarter worth approximately $292,000. QRG Capital Management Inc. lifted its stake in PDD by 4.4% during the second quarter. QRG Capital Management Inc. now owns 15,387 shares of the company’s stock worth $2,046,000 after purchasing an additional 652 shares in the last quarter. Genesis Investment Management LLP lifted its stake in PDD by 2.9% during the second quarter. Genesis Investment Management LLP now owns 956,466 shares of the company’s stock worth $127,162,000 after purchasing an additional 26,608 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of PDD by 5.3% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 497,693 shares of the company’s stock valued at $66,168,000 after buying an additional 24,938 shares during the period. Finally, Warther Private Wealth LLC acquired a new position in PDD in the 2nd quarter valued at about $439,000. Institutional investors and hedge funds own 29.07% of the company’s stock.

PDD Stock Performance

Shares of PDD stock traded up $1.55 during trading hours on Tuesday, hitting $144.02. The stock had a trading volume of 5,367,541 shares, compared to its average volume of 8,306,481. PDD Holdings Inc. has a twelve month low of $75.44 and a twelve month high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09. The firm has a market capitalization of $198.15 billion, a PE ratio of 19.13, a PEG ratio of 0.23 and a beta of 0.63. The stock’s 50 day moving average is $137.56 and its 200 day moving average is $132.00.

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

Analyst Ratings Changes

Several research analysts have recently commented on PDD shares. UBS Group raised their price objective on shares of PDD from $248.00 to $272.00 and gave the company a “buy” rating in a research note on Wednesday, May 22nd. Bank of America upped their price objective on PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Sanford C. Bernstein increased their price target on PDD from $180.00 to $235.00 and gave the company an “outperform” rating in a research report on Thursday, May 23rd. The Goldman Sachs Group upgraded shares of PDD from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $145.00 to $184.00 in a research note on Friday, May 24th. Finally, Citigroup increased their price objective on shares of PDD from $185.00 to $198.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, PDD currently has an average rating of “Buy” and a consensus target price of $188.33.

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.