Sequoia Financial Advisors LLC Lowers Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Sequoia Financial Advisors LLC trimmed its position in PDD Holdings Inc. (NASDAQ:PDD) by 13.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,657 shares of the company’s stock after selling 556 shares during the period. Sequoia Financial Advisors LLC’s holdings in PDD were worth $493,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. boosted its stake in PDD by 36.7% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 5,208 shares of the company’s stock valued at $605,000 after buying an additional 1,398 shares during the period. Diversified Trust Co boosted its position in shares of PDD by 124.2% during the 1st quarter. Diversified Trust Co now owns 8,882 shares of the company’s stock valued at $1,033,000 after acquiring an additional 4,920 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of PDD during the first quarter worth about $1,365,000. Allspring Global Investments Holdings LLC bought a new position in shares of PDD in the first quarter worth approximately $1,656,000. Finally, Naviter Wealth LLC purchased a new stake in PDD in the first quarter valued at approximately $1,118,000. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on PDD shares. Sanford C. Bernstein cut their price target 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. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and increased their target price for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Benchmark lowered their price target on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Daiwa America upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Bank of America decreased their price objective on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $182.40.

PDD Price Performance

Shares of PDD stock opened at $122.47 on Monday. 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 Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The business’s 50 day simple moving average is $119.25 and its two-hundred day simple moving average is $130.78. The stock has a market capitalization of $168.50 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 0.31 and a beta of 0.71.

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