Penserra Capital Management LLC Sells 36,472 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Penserra Capital Management LLC trimmed its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 18.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 157,950 shares of the company’s stock after selling 36,472 shares during the period. Penserra Capital Management LLC’s holdings in PDD were worth $21,292,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the business. Prime Capital Investment Advisors LLC increased its holdings in PDD by 5.2% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock worth $244,000 after buying an additional 89 shares in the last quarter. Ballentine Partners LLC increased its holdings in PDD by 4.6% in the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock worth $359,000 after buying an additional 120 shares in the last quarter. Parallel Advisors LLC increased its holdings in PDD by 5.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock worth $324,000 after buying an additional 122 shares in the last quarter. Legacy Capital Group California Inc. grew its stake in shares of PDD by 6.8% during the 2nd 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 during the period. Finally, OneDigital Investment Advisors LLC grew its stake in shares of PDD by 6.8% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock valued at $354,000 after purchasing an additional 166 shares during the period. 29.07% of the stock is currently owned by institutional investors.

PDD Stock Down 3.9 %

PDD stock opened at $100.07 on Friday. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. The stock has a market cap of $137.68 billion, a P/E ratio of 9.77, a PEG ratio of 0.25 and a beta of 0.71. The business’s 50-day moving average price is $123.24 and its 200-day moving average price is $129.71.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. PDD had a return on equity of 49.53% and a net margin of 29.05%. The company had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. During the same period in the previous year, the firm earned $1.27 EPS. The firm’s revenue was up 85.7% compared to the same quarter last year. On average, equities research analysts forecast that PDD Holdings Inc. will post 11.19 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Daiwa America upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and cut their price target for the company from $170.00 to $105.00 in a research note on Friday. Barclays cut their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Sanford C. Bernstein cut their price target on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. Finally, Nomura Securities upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $173.40.

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.