Fmr LLC Grows Stake in PDD Holdings Inc. (NASDAQ:PDD)

Fmr LLC lifted its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 8.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,930,161 shares of the company’s stock after purchasing an additional 1,654,764 shares during the period. Fmr LLC owned 1.52% of PDD worth $2,821,595,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. DRW Securities LLC raised its position in shares of PDD by 22.7% in the third quarter. DRW Securities LLC now owns 13,397 shares of the company’s stock valued at $1,806,000 after purchasing an additional 2,480 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in PDD in the 3rd quarter valued at approximately $678,000. Fisher Asset Management LLC raised its holdings in PDD by 13.9% during the 3rd quarter. Fisher Asset Management LLC now owns 697,867 shares of the company’s stock valued at $94,080,000 after acquiring an additional 84,901 shares during the period. Daiwa Securities Group Inc. raised its holdings in PDD by 2.5% during the 3rd quarter. Daiwa Securities Group Inc. now owns 55,862 shares of the company’s stock valued at $7,531,000 after acquiring an additional 1,350 shares during the period. Finally, Pekin Hardy Strauss Inc. purchased a new stake in shares of PDD during the third quarter worth $450,000. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Trading Up 0.6 %

Shares of PDD opened at $100.69 on Tuesday. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm’s 50-day moving average price is $123.31 and its 200-day moving average price is $129.39. The firm has a market capitalization of $138.54 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 0.24 and a beta of 0.71.

PDD (NASDAQ:PDD) last announced its earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.66 by $20.58. The firm had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 46.08% and a net margin of 29.05%. The business’s revenue was up 85.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.27 EPS. Sell-side analysts anticipate that PDD Holdings Inc. will post 11.19 EPS for the current year.

Analyst Ratings Changes

PDD has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $170.00 to $105.00 in a research note on Friday. Jefferies Financial Group lowered their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Benchmark reduced their price objective on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research note on Friday. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday. Finally, Nomura Securities raised shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $173.40.

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.