Short Interest in PDD Holdings Inc. (NASDAQ:PDD) Drops By 20.0%

PDD Holdings Inc. (NASDAQ:PDD) saw a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 26,390,000 shares, a decrease of 20.0% from the October 15th total of 32,980,000 shares. Based on an average trading volume of 16,040,000 shares, the days-to-cover ratio is presently 1.6 days.

Analyst Ratings Changes

Several research firms have weighed in on PDD. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Daiwa America raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Sanford C. Bernstein reduced their price target on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday, August 27th. Benchmark lowered their price objective on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, Barclays reduced their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a report on Tuesday, August 27th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $182.40.

Hedge Funds Weigh In On PDD

Large investors have recently bought and sold shares of the business. Bleakley Financial Group LLC boosted its position in PDD by 6.0% in the 1st quarter. Bleakley Financial Group LLC now owns 4,969 shares of the company’s stock valued at $578,000 after buying an additional 283 shares during the period. Blair William & Co. IL boosted its holdings in shares of PDD by 34.6% in the first quarter. Blair William & Co. IL now owns 3,102 shares of the company’s stock valued at $361,000 after purchasing an additional 798 shares during the period. Banco Santander S.A. bought a new position in PDD in the first quarter worth approximately $558,000. M&G Plc purchased a new position in PDD during the 1st quarter worth $23,419,000. Finally, AI Squared Management Ltd raised its position in PDD by 171.2% during the 1st quarter. AI Squared Management Ltd now owns 408,778 shares of the company’s stock valued at $47,520,000 after purchasing an additional 258,043 shares in the last quarter. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Trading Up 1.5 %

Shares of NASDAQ:PDD traded up $1.67 during trading on Friday, reaching $114.00. The company’s stock had a trading volume of 8,874,029 shares, compared to its average volume of 10,573,298. The stock has a market capitalization of $156.85 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 0.27 and a beta of 0.71. PDD has a 12 month low of $88.01 and a 12 month high of $164.69. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The firm’s 50 day simple moving average is $121.59 and its two-hundred day simple moving average is $130.53.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $100.17 billion. During the same period in the previous year, the firm earned $1.27 earnings per share. PDD’s quarterly revenue was up 85.7% compared to the same quarter last year. On average, research analysts predict that PDD will post 11.19 EPS for the current fiscal year.

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.