Van ECK Associates Corp lessened its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 48.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,115 shares of the company's stock after selling 15,222 shares during the quarter. Van ECK Associates Corp's holdings in PDD were worth $2,358,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. SC US Ttgp LTD. raised its holdings in PDD by 1,414.4% in the third quarter. SC US Ttgp LTD. now owns 48,233,322 shares of the company's stock worth $4,730,242,000 after buying an additional 45,048,300 shares during the last quarter. Vanguard Group Inc. raised its holdings in PDD by 38.0% in the 3rd quarter. Vanguard Group Inc. now owns 24,101,615 shares of the company's stock worth $2,363,645,000 after acquiring an additional 6,637,418 shares during the last quarter. Baillie Gifford & Co. lifted its position in PDD by 14.4% in the 3rd quarter. Baillie Gifford & Co. now owns 35,668,170 shares of the company's stock valued at $3,497,977,000 after acquiring an additional 4,501,126 shares in the last quarter. FMR LLC boosted its stake in PDD by 32.6% during the 3rd quarter. FMR LLC now owns 17,635,104 shares of the company's stock valued at $1,729,475,000 after purchasing an additional 4,334,186 shares during the last quarter. Finally, Ninety One UK Ltd bought a new stake in shares of PDD in the 4th quarter worth $235,666,000. Institutional investors own 29.07% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the company. The Goldman Sachs Group cut PDD from a "buy" rating to a "neutral" rating and set a $136.00 price objective on the stock. in a research report on Monday, March 11th. Citigroup lifted their price target on shares of PDD from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, March 21st. Jefferies Financial Group boosted their price objective on shares of PDD from $157.00 to $161.00 and gave the company a "buy" rating in a report on Thursday, March 21st. JPMorgan Chase & Co. dropped their target price on shares of PDD from $195.00 to $190.00 and set an "overweight" rating on the stock in a report on Thursday, March 21st. Finally, Barclays boosted their target price on shares of PDD from $164.00 to $178.00 and gave the company an "overweight" rating in a research note on Thursday, March 21st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $146.85.
Get Our Latest Analysis on PDD
PDD Stock Performance
Shares of PDD stock traded up $1.51 during trading hours on Wednesday, reaching $139.16. 5,429,529 shares of the company traded hands, compared to its average volume of 8,481,461. The firm has a 50-day moving average price of $122.15 and a 200 day moving average price of $128.17. The company has a market cap of $183.63 billion, a P/E ratio of 24.02, a P/E/G ratio of 0.36 and a beta of 0.67. PDD Holdings Inc. has a 12-month low of $59.67 and a 12-month high of $152.99. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.93 and a quick ratio of 1.93.
PDD (NASDAQ:PDD - Get Free Report) last issued its quarterly earnings results on Wednesday, March 20th. The company reported $2.23 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.81. The business had revenue of $12.52 billion for the quarter, compared to the consensus estimate of $11.80 billion. PDD had a net margin of 24.23% and a return on equity of 39.10%. As a group, sell-side analysts predict that PDD Holdings Inc. will post 7.85 earnings per share for the current fiscal year.
About PDD
(
Free Report)
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.
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