OVERSEA CHINESE BANKING Corp Ltd Buys 48,007 Shares of PDD Holdings Inc. (NASDAQ:PDD)

OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 21.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 274,895 shares of the company’s stock after buying an additional 48,007 shares during the period. PDD makes up 1.0% of OVERSEA CHINESE BANKING Corp Ltd’s portfolio, making the stock its 23rd biggest position. OVERSEA CHINESE BANKING Corp Ltd’s holdings in PDD were worth $36,979,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. grew its holdings in shares of PDD by 1.0% in the 2nd quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock valued at $4,670,322,000 after buying an additional 348,130 shares during the period. Vanguard Group Inc. lifted its holdings in PDD by 0.4% during the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock worth $2,820,408,000 after acquiring an additional 97,648 shares in the last quarter. Hhlr Advisors LTD. grew its stake in PDD by 16.6% in the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after acquiring an additional 1,680,600 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of PDD by 16.2% in the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after acquiring an additional 826,525 shares in the last quarter. Finally, Tairen Capital Ltd raised its position in shares of PDD by 49.8% during the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after purchasing an additional 1,788,076 shares during the period. Institutional investors own 29.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PDD shares. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Jefferies Financial Group dropped their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Benchmark reduced their target price on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Barclays reduced their price objective on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. One 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 stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $182.40.

PDD Trading Down 0.6 %

Shares of PDD stock opened at $117.15 on Tuesday. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month 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 business’s 50 day moving average is $119.63 and its 200-day moving average is $131.04. The stock has a market cap of $161.18 billion, a P/E ratio of 12.62, a P/E/G ratio of 0.28 and a beta of 0.71.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. The business had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. PDD’s quarterly revenue was up 85.7% on a year-over-year basis. During the same quarter last year, the company posted $1.27 earnings per share. Equities research analysts predict that PDD Holdings Inc. will post 11.19 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.