Leo Wealth LLC Takes $310,000 Position in PDD Holdings Inc. (NASDAQ:PDD)

Leo Wealth LLC purchased a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,298 shares of the company’s stock, valued at approximately $310,000.

Other large investors have also recently modified their holdings of the company. TB Alternative Assets Ltd. raised its stake in shares of PDD by 33.7% during the third quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock valued at $23,342,000 after acquiring an additional 43,648 shares during the last quarter. Vontobel Holding Ltd. raised its stake in shares of PDD by 13.3% during the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after acquiring an additional 27,567 shares during the last quarter. Jupiter Asset Management Ltd. raised its stake in shares of PDD by 63.7% during the second quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock valued at $30,700,000 after acquiring an additional 89,853 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of PDD by 16.2% during the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after acquiring an additional 826,525 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of PDD by 130.6% during the second quarter. Sei Investments Co. now owns 498,237 shares of the company’s stock worth $66,240,000 after buying an additional 282,199 shares during the period. Institutional investors own 29.07% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. Bank of America decreased their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Benchmark decreased their price objective on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Finally, Daiwa America upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. One equities research 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 company’s stock. According to MarketBeat.com, PDD has an average rating of “Buy” and an average target price of $182.40.

PDD Stock Up 2.9 %

Shares of NASDAQ PDD opened at $128.51 on Wednesday. The stock has a market capitalization of $176.81 billion, a P/E ratio of 13.85, a P/E/G ratio of 0.30 and a beta of 0.71. The company has a 50-day moving average price of $120.65 and a 200-day moving average price of $130.73. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. 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 (EPS) for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. The firm had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business’s revenue was up 85.7% on a year-over-year basis. During the same period last year, the company earned $1.27 earnings per share. On average, equities research analysts forecast that PDD Holdings Inc. will post 11.05 EPS for the current fiscal year.

PDD Company 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.