Legal & General Group Plc Raises Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Legal & General Group Plc increased its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 13.0% during the second quarter, Holdings Channel reports. The institutional investor owned 5,332,414 shares of the company’s stock after acquiring an additional 612,119 shares during the period. Legal & General Group Plc’s holdings in PDD were worth $708,944,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Corient Private Wealth LLC grew its stake in PDD by 19.9% during the fourth quarter. Corient Private Wealth LLC now owns 8,148 shares of the company’s stock worth $1,192,000 after buying an additional 1,350 shares during the period. US Bancorp DE raised its stake in PDD by 65.2% during the 4th quarter. US Bancorp DE now owns 7,578 shares of the company’s stock valued at $1,109,000 after acquiring an additional 2,991 shares in the last quarter. TD Asset Management Inc lifted its stake in shares of PDD by 422.7% in the 4th quarter. TD Asset Management Inc now owns 160,476 shares of the company’s stock worth $23,479,000 after acquiring an additional 129,776 shares during the period. SPX Gestao de Recursos Ltda lifted its position in PDD by 28.8% in the fourth quarter. SPX Gestao de Recursos Ltda now owns 64,400 shares of the company’s stock worth $9,422,000 after purchasing an additional 14,400 shares during the period. Finally, Rathbones Group PLC bought a new stake in PDD in the fourth quarter worth about $625,000. Hedge funds and other institutional investors own 29.07% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PDD. Sanford C. Bernstein decreased their price target on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday, August 27th. Benchmark decreased their price objective on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Nomura Securities upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Jefferies Financial Group cut their target price on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $177.78.

PDD Stock Up 4.6 %

PDD stock opened at $135.38 on Friday. The business’s fifty day moving average price is $118.41 and its two-hundred day moving average price is $128.35. The stock has a market capitalization of $186.27 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 0.25 and a beta of 0.69. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11.

PDD (NASDAQ:PDD) last issued its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. The business 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 earnings per share. On average, equities analysts anticipate that PDD Holdings Inc. will post 11.05 earnings per share for the current 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.