BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 33,300 Shares of PDD Holdings Inc. (NASDAQ:PDD)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 8.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 367,800 shares of the company’s stock after selling 33,300 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in PDD were worth $48,899,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. increased its holdings 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 worth $4,670,322,000 after purchasing an additional 348,130 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of PDD by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock worth $2,820,408,000 after acquiring an additional 97,648 shares in the last quarter. Hhlr Advisors LTD. boosted its position in shares of PDD by 16.6% during the 1st quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after acquiring an additional 1,680,600 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of PDD by 16.2% in the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after purchasing an additional 826,525 shares in the last quarter. Finally, Tairen Capital Ltd increased its position in PDD by 49.8% in the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after purchasing an additional 1,788,076 shares during the last quarter. 29.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PDD has been the subject of a number of recent research reports. Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Daiwa America upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Benchmark dropped their target price on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Macquarie lowered PDD from an “outperform” rating to a “neutral” rating in a report on Monday, August 26th. Finally, Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $177.78.

PDD Stock Up 2.4 %

Shares of PDD opened at $102.30 on Tuesday. The firm has a market capitalization of $140.75 billion, a P/E ratio of 13.55, a P/E/G ratio of 0.24 and a beta of 0.69. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The firm has a fifty day moving average price of $119.26 and a 200-day moving average price of $128.42. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last issued its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $100.17 billion. During the same period in the prior year, the firm earned $1.27 EPS. The company’s revenue for the quarter was up 85.7% compared to the same quarter last year. Equities research analysts expect that PDD Holdings Inc. will post 11.05 earnings per share for the current 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.