Ridgewood Investments LLC Buys Shares of 449 PDD Holdings Inc. (NASDAQ:PDD)

Ridgewood Investments LLC acquired a new stake in PDD Holdings Inc. (NASDAQ:PDD) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 449 shares of the company’s stock, valued at approximately $60,000.

A number of other institutional investors have also modified their holdings of the company. Baillie Gifford & Co. grew its stake in shares of PDD by 1.0% in the second quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock valued at $4,670,322,000 after buying an additional 348,130 shares in the last quarter. Vanguard Group Inc. grew its stake 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 in the last quarter. Hhlr Advisors LTD. grew its stake 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 in the last quarter. Norges Bank acquired a new position in PDD during the 4th quarter worth $1,075,172,000. Finally, Assenagon Asset Management S.A. grew its stake in PDD by 16.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after purchasing an additional 826,525 shares in the last quarter. 29.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Benchmark lowered 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. Citigroup cut PDD from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $194.00 to $120.00 in a research note on Tuesday. UBS Group boosted their target price on PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Macquarie cut PDD from an “outperform” rating to a “neutral” rating in a research report on Monday. Finally, Bank of America lowered their price objective on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, PDD has an average rating of “Moderate Buy” and a consensus target price of $163.33.

PDD Stock Performance

Shares of NASDAQ:PDD traded up $4.25 during midday trading on Thursday, hitting $93.42. The stock had a trading volume of 26,013,693 shares, compared to its average volume of 9,464,787. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year 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 50 day moving average price of $134.24 and a two-hundred day moving average price of $132.39. The company has a market capitalization of $128.53 billion, a PE ratio of 12.37, a P/E/G ratio of 0.26 and a beta of 0.63.

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. The business had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. PDD had a return on equity of 45.04% and a net margin of 26.93%. The company’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.27 EPS. As a group, equities analysts predict that PDD Holdings Inc. will post 11.41 earnings per share for the current fiscal year.

PDD Company 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.