Assenagon Asset Management S.A. Sells 108,346 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Assenagon Asset Management S.A. lessened its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 1.8% in the third quarter, HoldingsChannel reports. The fund owned 5,805,434 shares of the company’s stock after selling 108,346 shares during the period. PDD makes up about 1.4% of Assenagon Asset Management S.A.’s portfolio, making the stock its 10th largest holding. Assenagon Asset Management S.A.’s holdings in PDD were worth $782,631,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. TB Alternative Assets Ltd. lifted its stake in shares of 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 acquiring an additional 43,648 shares during the period. Vontobel Holding Ltd. boosted its stake in PDD by 13.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after purchasing an additional 27,567 shares in the last quarter. Jupiter Asset Management Ltd. boosted its stake in PDD by 63.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock valued at $30,700,000 after purchasing an additional 89,853 shares in the last quarter. Global X Japan Co. Ltd. raised its stake in shares of PDD by 20.4% in the 3rd quarter. Global X Japan Co. Ltd. now owns 155,482 shares of the company’s stock worth $20,961,000 after buying an additional 26,356 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of PDD by 130.6% in the 2nd quarter. Sei Investments Co. now owns 498,237 shares of the company’s stock worth $66,240,000 after buying an additional 282,199 shares in the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.

Analyst Upgrades and Downgrades

PDD has been the topic of a number of research analyst reports. Bank of America lowered their target price on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Benchmark dropped their price target on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Barclays decreased their price objective on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Finally, Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and dropped their target price for the company from $194.00 to $120.00 in a report on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PDD presently has a consensus rating of “Buy” and a consensus target price of $182.40.

PDD Stock Down 0.4 %

NASDAQ:PDD traded down $0.54 during mid-day trading on Thursday, reaching $121.80. The stock had a trading volume of 3,143,034 shares, compared to its average volume of 10,775,919. The stock has a market cap of $167.58 billion, a P/E ratio of 13.18, a PEG ratio of 0.30 and a beta of 0.71. The business’s 50 day moving average is $120.26 and its 200 day moving average is $130.67. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69.

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