ICICI Prudential Asset Management Co Ltd Boosts Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

ICICI Prudential Asset Management Co Ltd raised its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 18.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,719 shares of the company’s stock after acquiring an additional 1,382 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in PDD were worth $1,175,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC purchased a new stake in PDD during the 3rd quarter valued at approximately $29,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of PDD during the 2nd quarter worth approximately $32,000. Richardson Financial Services Inc. raised its stake in shares of 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 buying an additional 233 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of PDD during the 3rd quarter worth approximately $34,000. Finally, Mather Group LLC. raised its stake in shares of 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 buying an additional 354 shares in the last quarter. 29.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PDD shares. Bank of America cut their target price on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Barclays cut their target price on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Benchmark cut their target price on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Finally, Jefferies Financial Group dropped their price objective on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research note on Monday, August 26th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $182.40.

PDD Price Performance

NASDAQ PDD traded down $1.24 during mid-day trading on Wednesday, hitting $112.56. The stock had a trading volume of 1,885,483 shares, compared to its average volume of 10,582,316. The company has a 50 day simple moving average of $120.37 and a 200 day simple moving average of $130.87. The company has a market cap of $154.87 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 0.28 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.

PDD (NASDAQ:PDD) last announced its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. The firm had revenue of $97.06 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.27 EPS. Equities analysts forecast that PDD Holdings Inc. will post 11.19 EPS for the current fiscal 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.