Commonwealth Equity Services LLC Raises Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Commonwealth Equity Services LLC lifted its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 58.2% during the first quarter, HoldingsChannel.com reports. The fund owned 18,566 shares of the company’s stock after buying an additional 6,829 shares during the quarter. Commonwealth Equity Services LLC’s holdings in PDD were worth $2,158,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PDD. Ameriprise Financial Inc. boosted its stake in shares of PDD by 45.3% during the third quarter. Ameriprise Financial Inc. now owns 1,337,345 shares of the company’s stock valued at $131,154,000 after purchasing an additional 417,002 shares in the last quarter. Sei Investments Co. boosted its stake in PDD by 17.1% in the third quarter. Sei Investments Co. now owns 130,243 shares of the company’s stock valued at $12,773,000 after acquiring an additional 18,989 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in PDD by 8.0% in the third quarter. The Manufacturers Life Insurance Company now owns 450,105 shares of the company’s stock valued at $44,136,000 after acquiring an additional 33,476 shares in the last quarter. iA Global Asset Management Inc. boosted its stake in PDD by 31.7% in the third quarter. iA Global Asset Management Inc. now owns 61,917 shares of the company’s stock valued at $6,072,000 after acquiring an additional 14,915 shares in the last quarter. Finally, Camarda Financial Advisors LLC acquired a new stake in PDD in the third quarter valued at approximately $2,518,000. 29.07% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of PDD stock traded down $1.54 during trading on Friday, hitting $135.80. 3,316,997 shares of the company’s stock were exchanged, compared to its average volume of 8,785,773. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.09 and a current ratio of 2.09. The business has a 50-day simple moving average of $142.26 and a 200-day simple moving average of $134.55. PDD Holdings Inc. has a 52-week low of $67.55 and a 52-week high of $164.69. The stock has a market capitalization of $186.84 billion, a price-to-earnings ratio of 18.19, a PEG ratio of 0.24 and a beta of 0.63.

PDD (NASDAQ:PDD) last issued its earnings results on Wednesday, May 22nd. The company reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $1.19. PDD had a net margin of 26.93% and a return on equity of 45.04%. The firm had revenue of $12.02 billion during the quarter, compared to analysts’ expectations of $10.62 billion. On average, research analysts forecast that PDD Holdings Inc. will post 11.41 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PDD shares. UBS Group raised their target price on shares of PDD from $248.00 to $272.00 and gave the company a “buy” rating in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. lowered their target price on shares of PDD from $195.00 to $190.00 and set an “overweight” rating for the company in a research note on Thursday, March 21st. Citigroup raised their target price on shares of PDD from $185.00 to $198.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Barclays lifted their price objective on shares of PDD from $178.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Finally, Bank of America lifted their price objective on shares of PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, PDD has a consensus rating of “Buy” and an average price target of $188.33.

PDD Company 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.