Rhumbline Advisers Sells 11,248 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Rhumbline Advisers lowered its stake in PDD Holdings Inc. (NASDAQ:PDD) by 11.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 91,002 shares of the company’s stock after selling 11,248 shares during the quarter. Rhumbline Advisers’ holdings in PDD were worth $12,099,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PDD. Los Angeles Capital Management LLC boosted its holdings in shares of PDD by 149.0% during the first quarter. Los Angeles Capital Management LLC now owns 296,786 shares of the company’s stock worth $34,501,000 after purchasing an additional 177,600 shares during the period. Hhlr Advisors LTD. raised its position in PDD by 37.5% during the 4th quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock valued at $1,479,333,000 after purchasing an additional 2,760,100 shares during the last quarter. Vanguard Group Inc. lifted its holdings in PDD by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 24,163,927 shares of the company’s stock worth $3,535,424,000 after buying an additional 62,312 shares during the period. Truist Financial Corp grew its position in shares of PDD by 12.8% in the 4th quarter. Truist Financial Corp now owns 3,143 shares of the company’s stock worth $460,000 after buying an additional 357 shares during the last quarter. Finally, Connectus Wealth LLC increased its stake in shares of PDD by 9.4% during the fourth quarter. Connectus Wealth LLC now owns 6,852 shares of the company’s stock valued at $1,003,000 after buying an additional 590 shares during the period. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Price Performance

Shares of PDD opened at $95.28 on Thursday. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The firm’s 50-day simple moving average is $125.56 and its two-hundred day simple moving average is $129.77. The stock has a market cap of $131.09 billion, a PE ratio of 12.62, a price-to-earnings-growth ratio of 0.22 and a beta of 0.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share 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 the consensus estimate of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The firm’s quarterly revenue was up 85.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.27 EPS. Analysts anticipate that PDD Holdings Inc. will post 11.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PDD shares. Bank of America dropped their price target on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Benchmark dropped their target price on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Macquarie lowered shares of PDD from an “outperform” rating to a “neutral” rating in a report on Monday, August 26th. Finally, Citigroup cut PDD from a “buy” rating to a “neutral” rating and cut their price objective for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $177.78.

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.