PDD Holdings Inc. (NASDAQ:PDD) Stock Position Lowered by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. trimmed its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 1.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,805,434 shares of the company’s stock after selling 108,346 shares during the period. PDD accounts for about 1.4% of Assenagon Asset Management S.A.’s investment portfolio, making the stock its 10th largest position. Assenagon Asset Management S.A. owned about 0.42% of PDD worth $782,631,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ballentine Partners LLC lifted its position in shares of PDD by 6.8% in the first quarter. Ballentine Partners LLC now owns 2,581 shares of the company’s stock valued at $300,000 after acquiring an additional 164 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in shares of PDD during the 1st quarter worth about $1,801,000. Future Financial Wealth Managment LLC purchased a new stake in shares of PDD during the first quarter worth about $29,000. 180 Wealth Advisors LLC lifted its stake in shares of PDD by 77.3% during the first quarter. 180 Wealth Advisors LLC now owns 3,404 shares of the company’s stock valued at $396,000 after buying an additional 1,484 shares during the period. Finally, AMF Tjanstepension AB acquired a new stake in PDD during the first quarter worth approximately $2,844,000. Institutional investors and hedge funds own 29.07% of the company’s stock.

Analysts Set New Price Targets

PDD has been the subject of several analyst reports. Benchmark cut their price target on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Bank of America reduced their target price on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $126.00 to $224.00 in a report on Monday, October 7th. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Sanford C. Bernstein decreased their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $182.40.

PDD Trading Down 0.4 %

PDD stock traded down $0.54 during midday trading on Thursday, reaching $121.80. 3,143,034 shares of the company’s stock traded hands, compared to its average volume of 10,775,919. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The business has a 50-day moving average price of $120.26 and a two-hundred day moving average price of $130.67. The company has a market capitalization of $167.58 billion, a P/E ratio of 13.18, a PEG ratio of 0.30 and a beta of 0.71. 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 announced its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping 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 firm’s revenue was up 85.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.27 EPS. 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.