E Fund Management Co. Ltd. Has $614.18 Million Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

E Fund Management Co. Ltd. raised its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 1.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,619,649 shares of the company’s stock after purchasing an additional 58,370 shares during the period. PDD accounts for approximately 34.0% of E Fund Management Co. Ltd.’s portfolio, making the stock its largest holding. E Fund Management Co. Ltd.’s holdings in PDD were worth $614,182,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Los Angeles Capital Management LLC grew its holdings in PDD by 149.0% during the first quarter. Los Angeles Capital Management LLC now owns 296,786 shares of the company’s stock valued at $34,501,000 after purchasing an additional 177,600 shares during the period. Hhlr Advisors LTD. lifted its position in shares of PDD by 37.5% during the fourth quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock worth $1,479,333,000 after acquiring an additional 2,760,100 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of PDD by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 24,163,927 shares of the company’s stock worth $3,535,424,000 after acquiring an additional 62,312 shares in the last quarter. Jupiter Asset Management Ltd. lifted its position in shares of PDD by 63.7% during the second quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock worth $30,700,000 after acquiring an additional 89,853 shares in the last quarter. Finally, Connectus Wealth LLC lifted its position in shares of PDD by 9.4% during the fourth quarter. Connectus Wealth LLC now owns 6,852 shares of the company’s stock worth $1,003,000 after acquiring an additional 590 shares in the last quarter. 29.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Benchmark dropped their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Jefferies Financial Group lowered their price objective on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Sanford C. Bernstein lowered their price objective on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 27th. Barclays lowered their price objective on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 27th. Finally, Nomura Securities upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, PDD currently has a consensus rating of “Buy” and a consensus target price of $177.78.

PDD Stock Up 1.2 %

Shares of NASDAQ:PDD opened at $98.38 on Wednesday. The stock’s 50-day moving average price is $122.40 and its 200-day moving average price is $128.97. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The stock has a market capitalization of $135.36 billion, a P/E ratio of 13.03, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $100.17 billion. During the same period last year, the firm earned $1.27 earnings per share. The company’s revenue for the quarter was up 85.7% compared to the same quarter last year. On average, equities analysts anticipate that PDD Holdings Inc. will post 11.05 earnings per share for the current 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.