E Fund Management Co. Ltd. Acquires 58,370 Shares of PDD Holdings Inc. (NASDAQ:PDD)

E Fund Management Co. Ltd. grew its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,619,649 shares of the company’s stock after purchasing an additional 58,370 shares during the quarter. PDD comprises about 34.0% of E Fund Management Co. Ltd.’s portfolio, making the stock its biggest position. E Fund Management Co. Ltd. owned approximately 0.34% of PDD worth $614,182,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC acquired a new position in shares of PDD in the 2nd quarter valued at about $32,000. Future Financial Wealth Managment LLC acquired a new position in PDD during the 1st quarter worth approximately $29,000. Mather Group LLC. raised its stake in PDD by 1,106.3% during the 2nd quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after buying an additional 354 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new position in PDD during the 4th quarter worth approximately $59,000. Finally, EverSource Wealth Advisors LLC raised its stake in PDD by 31.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 427 shares of the company’s stock worth $62,000 after buying an additional 101 shares during the period. 29.07% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PDD has been the topic of a number of research reports. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. The Goldman Sachs Group raised PDD from a “neutral” rating to a “buy” rating and upped their price target for the stock from $145.00 to $184.00 in a research note on Friday, May 24th. Daiwa America raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Macquarie downgraded PDD from an “outperform” rating to a “neutral” rating in a research note on Monday, August 26th. Finally, Benchmark decreased their price objective on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, PDD presently has an average rating of “Buy” and a consensus target price of $177.78.

PDD Stock Performance

Shares of PDD opened at $98.38 on Wednesday. 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 stock has a 50 day moving average price of $122.40 and a two-hundred day moving average price of $128.97. The firm has a market capitalization of $135.36 billion, a P/E ratio of 13.03, a P/E/G ratio of 0.24 and a beta of 0.69. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69.

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 the consensus estimate of $2.66 by $20.58. The company had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. PDD’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 earnings per share. Equities analysts forecast that PDD Holdings Inc. will post 11.05 earnings per share 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.