Caxton Associates LP Purchases 29,925 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Caxton Associates LP lifted its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 358.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,275 shares of the company’s stock after buying an additional 29,925 shares during the period. Caxton Associates LP’s holdings in PDD were worth $5,089,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Hhlr Advisors LTD. boosted its stake in shares of PDD by 37.5% during the 4th quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock worth $1,479,333,000 after purchasing an additional 2,760,100 shares during the period. Acadian Asset Management LLC grew its stake in shares of PDD by 107.8% during the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock valued at $487,984,000 after buying an additional 1,904,155 shares during the last quarter. Tairen Capital Ltd raised its holdings in shares of 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 buying an additional 1,788,076 shares during the period. Renaissance Technologies LLC purchased a new position in PDD during the 2nd quarter valued at $176,332,000. Finally, Altimeter Capital Management LP grew its position in PDD by 191.3% in the 4th quarter. Altimeter Capital Management LP now owns 1,882,770 shares of the company’s stock valued at $275,468,000 after acquiring an additional 1,236,490 shares during the last quarter. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Barclays cut their price target on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Sanford C. Bernstein reduced their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 27th. Daiwa America upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Benchmark reduced their price objective on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Finally, Jefferies Financial Group cut their price target on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, PDD presently has a consensus rating of “Buy” and an average price target of $177.78.

PDD Trading Up 11.2 %

NASDAQ:PDD opened at $113.80 on Wednesday. The company has a market capitalization of $156.57 billion, a P/E ratio of 15.07, a PEG ratio of 0.25 and a beta of 0.69. 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 Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The firm has a fifty day simple moving average of $118.82 and a 200-day simple moving average of $128.45.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. The firm had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business’s quarterly revenue was up 85.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.27 earnings per share. On average, equities research analysts anticipate that PDD Holdings Inc. will post 11.05 earnings per share for the current 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.