Dimensional Fund Advisors LP Buys 190,199 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Dimensional Fund Advisors LP grew its stake in PDD Holdings Inc. (NASDAQ:PDD) by 8.9% during the second quarter, Holdings Channel.com reports. The fund owned 2,317,795 shares of the company’s stock after purchasing an additional 190,199 shares during the quarter. Dimensional Fund Advisors LP’s holdings in PDD were worth $308,190,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PDD. Checchi Capital Advisers LLC raised its holdings in shares of PDD by 2.6% in the first quarter. Checchi Capital Advisers LLC now owns 3,823 shares of the company’s stock worth $444,000 after buying an additional 98 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of PDD by 31.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 427 shares of the company’s stock worth $62,000 after buying an additional 101 shares during the last quarter. Ballentine Partners LLC raised its holdings in shares of PDD by 4.6% in the second quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock worth $359,000 after buying an additional 120 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of PDD by 5.3% in the second quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock worth $324,000 after buying an additional 122 shares during the last quarter. Finally, Legacy Capital Group California Inc. raised its holdings in shares of PDD by 6.8% during the second quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock worth $277,000 after purchasing an additional 133 shares during the last quarter. 29.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PDD has been the subject of several recent research reports. Barclays reduced their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a report on Tuesday, August 27th. Nomura Securities raised shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. The Goldman Sachs Group upgraded shares of PDD from a “neutral” rating to a “buy” rating and raised their price target for the company from $145.00 to $184.00 in a research report on Friday, May 24th. Finally, Jefferies Financial Group dropped their price target on shares of PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $177.78.

PDD Trading Up 1.2 %

NASDAQ PDD opened at $98.38 on Wednesday. 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. The stock has a market capitalization of $135.36 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69. The firm has a 50 day moving average of $122.40 and a two-hundred day moving average of $128.97.

PDD (NASDAQ:PDD) last issued its earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter in the prior year, the business posted $1.27 EPS. The company’s revenue for the quarter was up 85.7% on a year-over-year basis. As a group, research analysts expect that PDD Holdings Inc. will post 11.05 EPS for the current fiscal 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.