Sanctuary Advisors LLC Takes Position in PDD Holdings Inc. (NASDAQ:PDD)

Sanctuary Advisors LLC acquired a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 9,363 shares of the company’s stock, valued at approximately $1,211,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Future Financial Wealth Managment LLC acquired a new position in shares of PDD during the first quarter worth $29,000. Ashton Thomas Private Wealth LLC purchased a new stake in PDD during the 2nd quarter valued at about $32,000. Richardson Financial Services Inc. increased 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 purchasing an additional 233 shares during the period. Strategic Financial Concepts LLC purchased a new position in shares of PDD in the second quarter worth about $40,000. Finally, Mather Group LLC. lifted its holdings in shares of PDD by 1,106.3% during the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after purchasing an additional 354 shares during the period. Hedge funds and other institutional investors own 29.07% of the company’s stock.

Wall Street Analysts Forecast Growth

PDD has been the topic of several research reports. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $126.00 to $224.00 in a report on Monday. Jefferies Financial Group decreased their target price 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 cut their price target on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 27th. Finally, Barclays decreased their price objective on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a report on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $182.40.

PDD Stock Performance

NASDAQ PDD opened at $141.58 on Friday. 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 Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The stock has a 50-day moving average of $121.25 and a 200 day moving average of $129.82. The stock has a market capitalization of $194.80 billion, a price-to-earnings ratio of 18.75, a PEG ratio of 0.37 and a beta of 0.71.

PDD (NASDAQ:PDD) last announced its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping the consensus estimate of $2.66 by $20.58. The business had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business’s quarterly revenue was up 85.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.27 EPS. Sell-side analysts anticipate that PDD Holdings Inc. will post 11.05 EPS 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.