Hennion & Walsh Asset Management Inc. Purchases 731 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Hennion & Walsh Asset Management Inc. lifted its position in PDD Holdings Inc. (NASDAQ:PDD) by 11.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,030 shares of the company’s stock after purchasing an additional 731 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in PDD were worth $948,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PDD. Ashton Thomas Private Wealth LLC bought a new position in PDD in the 2nd quarter valued at $32,000. Richardson Financial Services Inc. raised its holdings in shares of PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after buying an additional 233 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in PDD during the 3rd quarter worth about $34,000. Strategic Financial Concepts LLC bought a new stake in PDD during the 2nd quarter worth about $40,000. Finally, Mather Group LLC. increased its holdings in shares of PDD by 1,106.3% in the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after purchasing an additional 354 shares in the last quarter. 29.07% of the stock is owned by institutional investors.

PDD Stock Performance

NASDAQ PDD opened at $122.47 on Monday. The firm has a 50-day moving average price of $119.25 and a two-hundred day moving average price of $130.78. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The company has a market capitalization of $168.50 billion, a P/E ratio of 16.22, a P/E/G ratio of 0.31 and a beta of 0.71. 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 (NASDAQ:PDD) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a return on equity of 48.14% and a net margin of 28.92%. The firm had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. During the same period in the previous year, the firm earned $1.27 EPS. The company’s quarterly revenue was up 85.7% compared to the same quarter last year. Analysts anticipate that PDD Holdings Inc. will post 11.05 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on PDD shares. Citigroup lowered PDD from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Benchmark decreased their price target on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Barclays lowered their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Finally, Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $126.00 to $224.00 in a report on Monday, October 7th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $182.40.

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.