Solstein Capital LLC Reduces Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Solstein Capital LLC cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 8.2% during the third quarter, HoldingsChannel.com reports. The fund owned 14,793 shares of the company’s stock after selling 1,326 shares during the quarter. PDD makes up 1.0% of Solstein Capital LLC’s holdings, making the stock its 23rd largest position. Solstein Capital LLC’s holdings in PDD were worth $1,994,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Donaldson Capital Management LLC grew its position in shares of PDD by 29.1% during the third quarter. Donaldson Capital Management LLC now owns 18,708 shares of the company’s stock worth $2,522,000 after acquiring an additional 4,222 shares during the last quarter. Veritas Asset Management LLP acquired a new stake in shares of PDD during the third quarter worth $3,467,000. Van ECK Associates Corp lifted its holdings in shares of PDD by 89.9% during the third quarter. Van ECK Associates Corp now owns 135,139 shares of the company’s stock worth $18,218,000 after purchasing an additional 63,961 shares during the period. Coronation Fund Managers Ltd. lifted its holdings in shares of PDD by 19.6% during the third quarter. Coronation Fund Managers Ltd. now owns 912,484 shares of the company’s stock worth $123,012,000 after purchasing an additional 149,837 shares during the period. Finally, Cigna Investments Inc. New lifted its holdings in shares of PDD by 17.0% during the third quarter. Cigna Investments Inc. New now owns 13,399 shares of the company’s stock worth $1,806,000 after purchasing an additional 1,945 shares during the period. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PDD has been the subject of several recent research reports. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Barclays decreased their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a report on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Bank of America reduced their target price on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Finally, Daiwa America raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $182.40.

PDD Trading Down 0.0 %

NASDAQ:PDD opened at $120.56 on Monday. The company has a market capitalization of $165.87 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 0.29 and a beta of 0.71. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The stock has a fifty day simple moving average of $116.94 and a 200-day simple moving average of $131.03.

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

PDD Company 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.