Swedbank AB Sells 18,600 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Swedbank AB lowered its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 4.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 432,515 shares of the company’s stock after selling 18,600 shares during the quarter. Swedbank AB’s holdings in PDD were worth $58,307,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new stake in PDD in the 3rd quarter worth $27,000. Venturi Wealth Management LLC purchased a new stake in shares of PDD in the third quarter worth about $29,000. Ashton Thomas Private Wealth LLC bought a new position in PDD during the second quarter valued at approximately $32,000. Richardson Financial Services Inc. grew its holdings in PDD by 3,883.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after buying an additional 233 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in PDD in the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors own 29.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PDD shares. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $170.00 to $105.00 in a research report on Friday. Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Sanford C. Bernstein decreased their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 27th. Barclays dropped their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Finally, Jefferies Financial Group decreased their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, PDD presently has a consensus rating of “Buy” and an average price target of $173.40.

PDD Trading Down 3.9 %

Shares of NASDAQ PDD opened at $100.07 on Monday. The business’s 50 day moving average price is $123.24 and its 200-day moving average price is $129.64. The company has a market cap of $137.68 billion, a price-to-earnings ratio of 9.77, a PEG ratio of 0.24 and a beta of 0.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. 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 issued its 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. PDD had a net margin of 29.05% and a return on equity of 46.08%. The business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. During the same period in the prior year, the firm earned $1.27 EPS. The company’s revenue for the quarter was up 85.7% compared to the same quarter last year. On average, sell-side analysts expect that PDD Holdings Inc. will post 11.19 earnings per share for the current year.

PDD 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.