Victory Capital Management Inc. Sells 566,593 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Victory Capital Management Inc. reduced its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 59.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 390,437 shares of the company’s stock after selling 566,593 shares during the quarter. Victory Capital Management Inc.’s holdings in PDD were worth $52,635,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Venturi Wealth Management LLC acquired a new stake in PDD in the third quarter valued at $29,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of PDD in the 2nd quarter valued at about $32,000. Richardson Financial Services Inc. increased its stake in shares of PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after buying an additional 233 shares during the period. Future Financial Wealth Managment LLC bought a new position in shares of PDD during the third quarter worth about $34,000. Finally, Strategic Financial Concepts LLC acquired a new position in shares of PDD in the second quarter worth approximately $40,000. Institutional investors own 29.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PDD shares. Jefferies Financial Group lowered their price target on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a report on Monday, August 26th. Sanford C. Bernstein lowered their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. Nomura Securities raised shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Benchmark decreased their price target on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Finally, Macquarie raised PDD from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $126.00 to $224.00 in a research note on Monday, October 7th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $182.40.

PDD Stock Down 1.0 %

PDD stock opened at $112.33 on Friday. The stock’s 50 day simple moving average is $120.78 and its 200 day simple moving average is $130.75. The company has a market cap of $154.55 billion, a P/E ratio of 12.10, a price-to-earnings-growth ratio of 0.27 and a beta of 0.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a return on equity of 48.14% and a net margin of 28.92%. The firm had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter in the previous year, the company posted $1.27 earnings per share. The company’s quarterly revenue was up 85.7% on a year-over-year basis. On average, research analysts expect 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.