AustralianSuper Pty Ltd Decreases Holdings in PDD Holdings Inc. (NASDAQ:PDD)

AustralianSuper Pty Ltd reduced its stake in PDD Holdings Inc. (NASDAQ:PDD) by 2.4% during the third quarter, according to its most recent filing with the SEC. The fund owned 16,041 shares of the company’s stock after selling 389 shares during the quarter. AustralianSuper Pty Ltd’s holdings in PDD were worth $2,162,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new position in PDD in the first quarter valued at approximately $1,656,000. Norden Group LLC bought a new stake in PDD in the 1st quarter valued at about $1,289,000. Commonwealth Equity Services LLC lifted its holdings in PDD by 58.2% during the first quarter. Commonwealth Equity Services LLC now owns 18,566 shares of the company’s stock valued at $2,158,000 after purchasing an additional 6,829 shares during the last quarter. Van ECK Associates Corp boosted its stake in PDD by 112.8% in the 1st quarter. Van ECK Associates Corp now owns 34,293 shares of the company’s stock worth $3,987,000 after purchasing an additional 18,178 shares during the period. Finally, Janney Capital Management LLC bought a new position in PDD in the 1st quarter worth about $4,332,000. Institutional investors own 29.07% of the company’s stock.

PDD Trading Down 0.2 %

PDD opened at $120.59 on Friday. The stock has a market cap of $165.92 billion, a PE ratio of 12.99, a PEG ratio of 0.30 and a beta of 0.71. The business has a 50 day moving average of $117.33 and a 200-day moving average of $130.74. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last announced its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter in the previous year, the business posted $1.27 EPS. The company’s quarterly revenue was up 85.7% on a year-over-year basis. Equities research analysts predict that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PDD has been the subject of several analyst reports. Jefferies Financial Group cut their target price on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Nomura Securities upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Sanford C. Bernstein decreased their price target on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus 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.