Bank of Montreal Can Has $46.50 Million Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Bank of Montreal Can reduced its position in PDD Holdings Inc. (NASDAQ:PDD) by 23.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 343,484 shares of the company’s stock after selling 104,958 shares during the quarter. Bank of Montreal Can’s holdings in PDD were worth $46,501,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. TB Alternative Assets Ltd. increased its position in PDD by 33.7% in the 3rd quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock worth $23,342,000 after purchasing an additional 43,648 shares during the last quarter. Vontobel Holding Ltd. increased its position in PDD by 13.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock worth $31,589,000 after purchasing an additional 27,567 shares during the last quarter. Jupiter Asset Management Ltd. increased its position in PDD by 63.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock worth $30,700,000 after purchasing an additional 89,853 shares during the last quarter. BOCHK Asset Management Ltd increased its position in PDD by 3,391.7% in the 3rd quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock worth $5,649,000 after purchasing an additional 40,700 shares during the last quarter. Finally, M&G PLC increased its position in PDD by 14.2% in the 3rd quarter. M&G PLC now owns 247,417 shares of the company’s stock worth $33,401,000 after purchasing an additional 30,817 shares during the last quarter. 29.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PDD shares. Citigroup lowered PDD from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Barclays decreased their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Finally, Daiwa America upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, PDD presently has an average rating of “Moderate Buy” and an average target price of $173.40.

PDD Price Performance

Shares of NASDAQ:PDD opened at $98.80 on Thursday. The business has a 50 day moving average price of $123.34 and a 200 day moving average price of $128.92. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a market cap of $135.94 billion, a price-to-earnings ratio of 9.65, a PEG ratio of 0.26 and a beta of 0.71. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last issued its earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. PDD had a return on equity of 46.08% and a net margin of 29.05%. The business had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. During the same period in the prior year, the firm posted $1.27 EPS. PDD’s quarterly revenue was up 85.7% compared to the same quarter last year. Research analysts predict 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.