Monolith Management Ltd Has $24.19 Million Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Monolith Management Ltd cut its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 45.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 179,401 shares of the company’s stock after selling 152,067 shares during the quarter. PDD comprises about 14.1% of Monolith Management Ltd’s investment portfolio, making the stock its biggest holding. Monolith Management Ltd’s holdings in PDD were worth $24,185,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Advisors Asset Management Inc. lifted its position in shares of PDD by 39.5% during the 1st quarter. Advisors Asset Management Inc. now owns 1,767 shares of the company’s stock valued at $205,000 after acquiring an additional 500 shares during the last quarter. Caxton Associates LP acquired a new position in shares of PDD in the 1st quarter valued at $971,000. California State Teachers Retirement System increased its stake in PDD by 20.2% in the 1st quarter. California State Teachers Retirement System now owns 217,319 shares of the company’s stock worth $25,263,000 after purchasing an additional 36,595 shares in the last quarter. iA Global Asset Management Inc. raised its holdings in PDD by 6.5% during the 1st quarter. iA Global Asset Management Inc. now owns 73,060 shares of the company’s stock worth $8,493,000 after buying an additional 4,467 shares during the period. Finally, Artal Group S.A. lifted its stake in PDD by 73.8% during the first quarter. Artal Group S.A. now owns 56,500 shares of the company’s stock valued at $6,568,000 after buying an additional 24,000 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 firms have recently weighed in on PDD. Citigroup downgraded shares of 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. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $126.00 to $224.00 in a research note on Monday, October 7th. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $170.00 to $105.00 in a research report on Friday. Barclays lowered their price target on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Finally, Benchmark decreased their price objective on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday. Two research 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. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $173.40.

PDD Trading Down 3.9 %

NASDAQ:PDD opened at $100.07 on Monday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company has a market capitalization of $137.68 billion, a P/E ratio of 9.77, a P/E/G ratio of 0.24 and a beta of 0.71. The stock’s 50 day moving average price is $123.24 and its 200 day moving average price is $129.64. 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 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. The company had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. PDD had a net margin of 29.05% and a return on equity of 46.08%. PDD’s quarterly revenue was up 85.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.27 EPS. On average, research 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.