D1 Capital Partners L.P. Sells 84,000 Shares of PDD Holdings Inc. (NASDAQ:PDD)

D1 Capital Partners L.P. lowered its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 17.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 384,000 shares of the company’s stock after selling 84,000 shares during the quarter. PDD accounts for approximately 1.0% of D1 Capital Partners L.P.’s investment portfolio, making the stock its 28th biggest holding. D1 Capital Partners L.P.’s holdings in PDD were worth $51,767,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the company. Vinva Investment Management Ltd bought a new stake in shares of PDD in the 3rd quarter worth approximately $243,000. Financial Counselors Inc. bought a new stake in shares of PDD in the 3rd quarter worth approximately $264,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of PDD by 1,374.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock worth $1,772,106,000 after purchasing an additional 12,253,589 shares during the period. Public Sector Pension Investment Board raised its holdings in shares of PDD by 6.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 343,994 shares of the company’s stock worth $46,374,000 after purchasing an additional 22,300 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of PDD by 6.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 363,958 shares of the company’s stock worth $49,065,000 after purchasing an additional 21,348 shares during the period. Institutional investors own 29.07% of the company’s stock.

Wall Street Analyst Weigh In

PDD has been the subject of a number of recent research reports. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Nomura Securities upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Barclays cut their price objective on shares of PDD from $224.00 to $158.00 and set an “overweight” 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 given a strong buy rating to the company. According to data from MarketBeat, PDD currently has a consensus rating of “Moderate Buy” and an average target price of $173.40.

PDD Stock Down 0.5 %

PDD opened at $98.80 on Friday. The stock has a market cap of $135.94 billion, a PE ratio of 9.65, a P/E/G ratio of 0.28 and a beta of 0.71. The business’s fifty day simple moving average is $123.31 and its 200 day simple moving average is $128.71. 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.

PDD (NASDAQ:PDD) last issued its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping the consensus estimate of $2.66 by $20.58. The company had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. PDD had a net margin of 29.05% and a return on equity of 46.08%. The firm’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.27 earnings per share. As a group, research analysts expect that PDD Holdings Inc. will post 10.24 earnings per share 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.