CloudAlpha Capital Management Limited Hong Kong Makes New $25.08 Million Investment in PDD Holdings Inc. (NASDAQ:PDD)

CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) during the third quarter, HoldingsChannel.com reports. The fund purchased 186,000 shares of the company’s stock, valued at approximately $25,075,000. PDD accounts for 1.5% of CloudAlpha Capital Management Limited Hong Kong’s portfolio, making the stock its 12th biggest position.

Several other hedge funds have also recently bought and sold shares of PDD. TB Alternative Assets Ltd. boosted its position in shares of PDD by 33.7% during the third quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock worth $23,342,000 after buying an additional 43,648 shares during the period. Vontobel Holding Ltd. grew its stake in shares of PDD by 13.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock worth $31,589,000 after acquiring an additional 27,567 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in shares of PDD by 63.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock worth $30,700,000 after acquiring an additional 89,853 shares in the last quarter. BOCHK Asset Management Ltd raised its holdings in shares of PDD by 3,391.7% in the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock valued at $5,649,000 after purchasing an additional 40,700 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. lifted its position in shares of PDD by 3.0% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 512,564 shares of the company’s stock worth $69,099,000 after purchasing an additional 14,871 shares in the last quarter. 29.07% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Performance

NASDAQ PDD opened at $113.41 on Thursday. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The stock has a market cap of $156.04 billion, a PE ratio of 12.22, a P/E/G ratio of 0.27 and a beta of 0.71. The firm has a 50-day moving average of $120.37 and a 200-day moving average of $130.87. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11.

PDD (NASDAQ:PDD) last issued its quarterly earnings data 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 return on equity of 48.14% and a net margin of 28.92%. The company had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter in the previous year, the company posted $1.27 earnings per share. The business’s revenue was up 85.7% on a year-over-year basis. On average, sell-side analysts anticipate that PDD Holdings Inc. will post 11.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PDD. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Benchmark lowered their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Bank of America decreased their price target on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Citigroup cut PDD from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Finally, Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, PDD currently has an average rating of “Buy” and an average target price of $182.40.

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.