Driehaus Capital Management LLC Makes New Investment in PDD Holdings Inc. (NASDAQ:PDD)

Driehaus Capital Management LLC acquired a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) during the 2nd quarter, Holdings Channel reports. The fund acquired 166,135 shares of the company’s stock, valued at approximately $22,088,000.

Several other large investors also recently added to or reduced their stakes in the stock. Scientech Research LLC bought a new position in shares of PDD during the second quarter valued at approximately $1,203,000. Legal & General Group Plc grew its stake in shares of PDD by 13.0% during the second quarter. Legal & General Group Plc now owns 5,332,414 shares of the company’s stock valued at $708,944,000 after buying an additional 612,119 shares during the last quarter. Lighthouse Investment Partners LLC bought a new position in shares of PDD during the second quarter valued at approximately $251,000. Mackenzie Financial Corp grew its stake in shares of PDD by 4.6% during the second quarter. Mackenzie Financial Corp now owns 143,597 shares of the company’s stock valued at $19,091,000 after buying an additional 6,370 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of PDD by 70.6% during the second quarter. The Manufacturers Life Insurance Company now owns 874,604 shares of the company’s stock valued at $116,279,000 after buying an additional 362,084 shares during the last quarter. 29.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PDD. 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 research note on Monday, August 26th. Macquarie lowered PDD from an “outperform” rating to a “neutral” rating in a report on Monday, August 26th. Daiwa America upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Nomura Securities upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Bank of America lowered their price target on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, PDD currently has a consensus rating of “Buy” and a consensus price target of $177.78.

PDD Price Performance

Shares of PDD stock opened at $135.38 on Friday. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The stock’s 50-day moving average is $118.45 and its 200 day moving average is $128.59. The company has a market cap of $186.27 billion, a P/E ratio of 17.93, a PEG ratio of 0.28 and a beta of 0.69. 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 data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. PDD had a return on equity of 48.14% and a net margin of 28.92%. The company had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter last year, the company earned $1.27 earnings per share. The firm’s revenue for the quarter was up 85.7% compared to the same quarter last year. Research analysts predict that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal 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.