Healthcare of Ontario Pension Plan Trust Fund Lowers Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Healthcare of Ontario Pension Plan Trust Fund trimmed its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 33.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 382,472 shares of the company’s stock after selling 189,849 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in PDD were worth $51,561,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Advisors Asset Management Inc. raised its position in PDD by 39.5% in the first quarter. Advisors Asset Management Inc. now owns 1,767 shares of the company’s stock worth $205,000 after acquiring an additional 500 shares in the last quarter. California State Teachers Retirement System raised its position in PDD by 20.2% in the first quarter. California State Teachers Retirement System now owns 217,319 shares of the company’s stock worth $25,263,000 after acquiring an additional 36,595 shares in the last quarter. Virtu Financial LLC purchased a new position in PDD in the first quarter worth $1,924,000. Cetera Investment Advisers purchased a new position in PDD in the first quarter worth $3,987,000. Finally, Cetera Advisors LLC increased its position in shares of PDD by 81.4% in the first quarter. Cetera Advisors LLC now owns 27,778 shares of the company’s stock valued at $3,229,000 after buying an additional 12,463 shares in the last quarter. 29.07% of the stock is owned by institutional investors and hedge funds.

PDD Price Performance

PDD stock opened at $98.80 on Thursday. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The stock’s 50 day moving average is $123.34 and its two-hundred day moving average is $128.92. The company has a market capitalization of $135.94 billion, a PE ratio of 9.65, a P/E/G ratio of 0.26 and a beta of 0.71.

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on PDD shares. Barclays dropped their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Nomura Securities upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Jefferies Financial Group dropped their price objective on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. 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 report on Tuesday, August 27th. Finally, Sanford C. Bernstein dropped their price objective on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday, August 27th. Three equities research 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. Based on data from MarketBeat, PDD has an average rating of “Moderate Buy” and a consensus target price of $173.40.

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.