1832 Asset Management L.P. Trims Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

1832 Asset Management L.P. lessened its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 7.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 839,200 shares of the company’s stock after selling 70,700 shares during the period. 1832 Asset Management L.P. owned 0.06% of PDD worth $97,557,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of PDD. Baillie Gifford & Co. raised its position in shares of PDD by 6.4% in the fourth quarter. Baillie Gifford & Co. now owns 37,960,238 shares of the company’s stock valued at $5,553,962,000 after buying an additional 2,292,068 shares during the last quarter. Vanguard Group Inc. raised its position in shares of PDD by 0.4% in the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock valued at $2,820,408,000 after buying an additional 97,648 shares during the last quarter. Hhlr Advisors LTD. raised its position in shares of PDD by 16.6% in the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after buying an additional 1,680,600 shares during the last quarter. Norges Bank acquired a new position in shares of PDD in the fourth quarter valued at approximately $1,075,172,000. Finally, Assenagon Asset Management S.A. raised its position in shares of PDD by 15,755.1% in the first quarter. Assenagon Asset Management S.A. now owns 5,087,255 shares of the company’s stock valued at $591,393,000 after buying an additional 5,055,169 shares during the last quarter. Hedge funds and other institutional investors own 29.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PDD. Bank of America upped their price target on shares of PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Benchmark upped their price target on shares of PDD from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. UBS Group upped their price target on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Barclays upped their price target on shares of PDD from $178.00 to $224.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Finally, Sanford C. Bernstein boosted their price objective on shares of PDD from $180.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, May 23rd. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $188.33.

PDD Stock Up 0.8 %

NASDAQ PDD traded up $1.06 during trading hours on Friday, reaching $130.80. 3,144,674 shares of the company traded hands, compared to its average volume of 5,424,355. PDD Holdings Inc. has a 12 month low of $75.44 and a 12 month high of $164.69. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $179.96 billion, a PE ratio of 17.32, a PEG ratio of 0.23 and a beta of 0.63. The company has a 50 day moving average of $141.81 and a two-hundred day moving average of $133.14.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Wednesday, May 22nd. The company reported $2.63 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $1.19. The firm had revenue of $12.02 billion for the quarter, compared to the consensus estimate of $10.62 billion. PDD had a net margin of 26.93% and a return on equity of 45.04%. As a group, equities analysts expect that PDD Holdings Inc. will post 11.41 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.