BRIGHT VALLEY CAPITAL Ltd Decreases Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

BRIGHT VALLEY CAPITAL Ltd lessened its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 55.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 127,500 shares of the company’s stock after selling 155,900 shares during the period. PDD makes up about 19.1% of BRIGHT VALLEY CAPITAL Ltd’s portfolio, making the stock its 3rd largest holding. BRIGHT VALLEY CAPITAL Ltd’s holdings in PDD were worth $16,951,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Hhlr Advisors LTD. grew its stake in shares of PDD by 37.5% during the fourth quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock worth $1,479,333,000 after buying an additional 2,760,100 shares during the last quarter. Acadian Asset Management LLC raised its position in PDD by 107.8% in the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock valued at $487,984,000 after purchasing an additional 1,904,155 shares during the last quarter. Tairen Capital Ltd boosted its stake in shares of PDD by 49.8% during the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after purchasing an additional 1,788,076 shares in the last quarter. Dragoneer Investment Group LLC grew its holdings in shares of PDD by 142.6% during the second quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company’s stock worth $348,440,000 after purchasing an additional 1,540,346 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of PDD in the second quarter valued at approximately $176,332,000. Institutional investors and hedge funds own 29.07% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PDD. Jefferies Financial Group decreased their price target on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Sanford C. Bernstein lowered their target price on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday, August 27th. Bank of America reduced their price target on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Benchmark lowered their price objective on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Finally, Citigroup lowered PDD from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $177.78.

PDD Stock Performance

NASDAQ:PDD opened at $134.81 on Tuesday. The firm has a market capitalization of $185.48 billion, a P/E ratio of 17.86, a P/E/G ratio of 0.28 and a beta of 0.69. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a fifty day moving average of $118.46 and a 200-day moving average of $128.72. 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 posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $100.17 billion. During the same quarter last year, the firm posted $1.27 EPS. PDD’s revenue was up 85.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that PDD Holdings Inc. will post 11.05 EPS for the current 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.