Catalyst Capital Advisors LLC Trims Stake in PDD Holdings Inc. (NASDAQ:PDD)

Catalyst Capital Advisors LLC lowered its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 18.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 527 shares of the company’s stock after selling 122 shares during the quarter. Catalyst Capital Advisors LLC’s holdings in PDD were worth $71,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. TB Alternative Assets Ltd. grew its holdings in PDD by 33.7% in the third quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock worth $23,342,000 after purchasing an additional 43,648 shares during the period. Vontobel Holding Ltd. grew its holdings in PDD by 13.3% in the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock worth $31,589,000 after purchasing an additional 27,567 shares during the period. Jupiter Asset Management Ltd. grew its holdings in PDD by 63.7% in the second quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock worth $30,700,000 after purchasing an additional 89,853 shares during the period. BOCHK Asset Management Ltd grew its holdings in PDD by 3,391.7% in the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock worth $5,649,000 after purchasing an additional 40,700 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. grew its holdings in 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 during the period. Hedge funds and other institutional investors own 29.07% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on PDD. Barclays cut their price objective on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Benchmark dropped their target price on shares of PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Sanford C. Bernstein dropped their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 27th. Finally, Jefferies Financial Group lowered their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and two have assigned 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.

PDD Price Performance

PDD stock opened at $120.57 on Thursday. 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. The company has a fifty day simple moving average of $118.54 and a two-hundred day simple moving average of $131.08. The firm has a market capitalization of $165.89 billion, a P/E ratio of 12.99, a price-to-earnings-growth ratio of 0.29 and a beta of 0.71.

PDD (NASDAQ:PDD) last announced its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter in the prior year, the firm posted $1.27 earnings per share. The business’s revenue for the quarter was up 85.7% on a year-over-year basis. Analysts anticipate that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

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.