International Assets Investment Management LLC Takes Position in PDD Holdings Inc. (NASDAQ:PDD)

International Assets Investment Management LLC acquired a new position in PDD Holdings Inc. (NASDAQ:PDD) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 486,125 shares of the company’s stock, valued at approximately $65,535,000.

A number of other institutional investors have also recently bought and sold shares of the business. Ballentine Partners LLC grew its holdings in shares of PDD by 4.6% during the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock valued at $359,000 after acquiring an additional 120 shares in the last quarter. Parallel Advisors LLC boosted its position in PDD by 5.3% during the second quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock valued at $324,000 after purchasing an additional 122 shares during the last quarter. Legacy Capital Group California Inc. grew its stake in PDD by 6.8% in the second quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock valued at $277,000 after purchasing an additional 133 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in PDD by 1.2% in the 1st quarter. Oppenheimer & Co. Inc. now owns 14,010 shares of the company’s stock worth $1,629,000 after purchasing an additional 168 shares during the last quarter. Finally, CWM LLC raised its stake in shares of PDD by 19.3% during the 3rd quarter. CWM LLC now owns 1,046 shares of the company’s stock worth $141,000 after purchasing an additional 169 shares in the last quarter. 29.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PDD shares. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Barclays cut their price target on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Sanford C. Bernstein reduced their price objective on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. Bank of America lowered their target price on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, Citigroup cut PDD from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, PDD currently has a consensus rating of “Buy” and an average target price of $182.40.

PDD Trading Up 0.9 %

PDD stock opened at $122.47 on Friday. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. The firm has a market capitalization of $168.50 billion, a PE ratio of 16.22, a PEG ratio of 0.31 and a beta of 0.71. The business’s 50-day simple moving average is $119.25 and its 200-day simple moving average is $130.64.

PDD (NASDAQ:PDD) last released its earnings results 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 return on equity of 48.14% and a net margin of 28.92%. The firm had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. During the same quarter 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 earnings per share 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.