D1 Capital Partners L.P. Acquires New Holdings in PDD Holdings Inc. (NASDAQ:PDD)

D1 Capital Partners L.P. bought a new position in PDD Holdings Inc. (NASDAQ:PDD) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 468,000 shares of the company’s stock, valued at approximately $62,221,000. PDD accounts for about 1.0% of D1 Capital Partners L.P.’s investment portfolio, making the stock its 26th largest position.

A number of other hedge funds have also added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC purchased a new position in shares of PDD in the 1st quarter worth $29,000. Ashton Thomas Private Wealth LLC bought a new position in PDD in the second quarter valued at about $32,000. Richardson Financial Services Inc. lifted its holdings in 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 acquiring an additional 233 shares during the period. Strategic Financial Concepts LLC purchased a new position in PDD in the second quarter worth about $40,000. Finally, Mather Group LLC. grew its stake in shares of PDD by 1,106.3% during the 2nd quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after purchasing an additional 354 shares during the period. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Performance

NASDAQ:PDD opened at $99.90 on Monday. The stock has a 50-day moving average price of $119.97 and a 200 day moving average price of $128.53. The stock has a market capitalization of $137.45 billion, a P/E ratio of 13.23, 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 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 announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $100.17 billion. During the same period last year, the firm posted $1.27 EPS. The company’s revenue was up 85.7% on a year-over-year basis. Equities research analysts forecast that PDD Holdings Inc. will post 11.05 EPS for the current fiscal year.

Analyst Ratings Changes

PDD has been the topic of a number of research reports. Bank of America dropped their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Sanford C. Bernstein dropped their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 27th. Jefferies Financial Group reduced their price objective on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and lowered their target price for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Finally, Benchmark reduced their price target on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Two equities research 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. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $177.78.

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.