Asset Management One Co. Ltd. Has $19.19 Million Stake in PDD Holdings Inc. (NASDAQ:PDD)

Asset Management One Co. Ltd. trimmed its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 4.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 142,309 shares of the company’s stock after selling 6,586 shares during the period. Asset Management One Co. Ltd.’s holdings in PDD were worth $19,185,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PDD. Ashton Thomas Private Wealth LLC acquired a new stake in PDD during the 2nd quarter worth approximately $32,000. Richardson Financial Services Inc. lifted 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 worth $32,000 after purchasing an additional 233 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in PDD during the 3rd quarter worth approximately $34,000. Strategic Financial Concepts LLC acquired a new stake in PDD during the 2nd quarter worth approximately $40,000. Finally, Mather Group LLC. lifted its holdings in PDD by 1,106.3% during the 2nd quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after purchasing an additional 354 shares during the last quarter. 29.07% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Sanford C. Bernstein dropped their price target on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a report on Tuesday, August 27th. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Daiwa America upgraded PDD to a “strong-buy” rating in a research note 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 note on Monday, August 26th. Finally, Nomura Securities upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. 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, PDD presently has an average rating of “Buy” and an average price target of $182.40.

PDD Trading Down 0.1 %

Shares of PDD stock opened at $122.15 on Wednesday. The firm has a market capitalization of $168.06 billion, a P/E ratio of 13.16, a P/E/G ratio of 0.29 and a beta of 0.71. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. The stock’s fifty day simple moving average is $117.91 and its 200 day simple moving average is $131.15.

PDD (NASDAQ:PDD) last issued its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. The business had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. PDD’s quarterly revenue was up 85.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.27 EPS. As a group, sell-side analysts predict that PDD Holdings Inc. will post 11.19 EPS 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.