General Equity Holdings LP Takes Position in PDD Holdings Inc. (NASDAQ:PDD)

General Equity Holdings LP bought a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 40,000 shares of the company’s stock, valued at approximately $5,318,000. PDD comprises 3.2% of General Equity Holdings LP’s investment portfolio, making the stock its 3rd biggest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jump Financial LLC acquired a new stake in shares of PDD during the fourth quarter worth about $272,000. Avantax Advisory Services Inc. purchased a new stake in PDD in the fourth quarter valued at approximately $249,000. Corient Private Wealth LLC boosted its holdings in shares of PDD by 19.9% in the fourth quarter. Corient Private Wealth LLC now owns 8,148 shares of the company’s stock valued at $1,192,000 after acquiring an additional 1,350 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of PDD by 31.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 427 shares of the company’s stock worth $62,000 after acquiring an additional 101 shares during the last quarter. Finally, US Bancorp DE increased its holdings in shares of PDD by 65.2% in 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 during the period. 29.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PDD. Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Jefferies Financial Group dropped their price target on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Barclays decreased their price objective on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Sanford C. Bernstein cut their price target on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. Finally, Macquarie lowered shares of PDD from an “outperform” rating to a “neutral” rating in a research report on Monday, August 26th. Two investment 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 stock. According to MarketBeat.com, PDD presently has an average rating of “Buy” and a consensus price target of $177.78.

PDD Price Performance

PDD stock opened at $99.90 on Monday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The company has a market cap of $137.45 billion, a P/E ratio of 13.23, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69. The business has a fifty day moving average of $119.97 and a two-hundred day moving average of $128.53.

PDD (NASDAQ:PDD) last released its quarterly earnings data 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 firm had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter in the previous year, the firm earned $1.27 earnings per share. The firm’s revenue was up 85.7% on a year-over-year basis. As a group, analysts predict that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal 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.