Bank of Montreal Can Reduces Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Bank of Montreal Can cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 23.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 343,484 shares of the company’s stock after selling 104,958 shares during the quarter. Bank of Montreal Can’s holdings in PDD were worth $46,501,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PDD. Advisors Asset Management Inc. increased its holdings in PDD by 39.5% during the 1st quarter. Advisors Asset Management Inc. now owns 1,767 shares of the company’s stock worth $205,000 after purchasing an additional 500 shares during the last quarter. California State Teachers Retirement System increased its holdings in PDD by 20.2% during the 1st quarter. California State Teachers Retirement System now owns 217,319 shares of the company’s stock worth $25,263,000 after purchasing an additional 36,595 shares during the last quarter. Virtu Financial LLC purchased a new stake in PDD during the 1st quarter worth approximately $1,924,000. Cetera Investment Advisers purchased a new stake in PDD during the 1st quarter worth approximately $3,987,000. Finally, Cetera Advisors LLC increased its holdings in PDD by 81.4% during the 1st quarter. Cetera Advisors LLC now owns 27,778 shares of the company’s stock worth $3,229,000 after purchasing an additional 12,463 shares during the last quarter. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PDD. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $126.00 to $224.00 in a report on Monday, October 7th. Benchmark lowered their price target on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Daiwa America upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Jefferies Financial Group reduced their price objective on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Three 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 company. According to data from MarketBeat.com, PDD has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Stock Down 0.5 %

Shares of PDD stock opened at $98.80 on Thursday. The stock’s fifty day moving average is $123.34 and its 200-day moving average is $128.92. The firm has a market capitalization of $135.94 billion, a PE ratio of 9.65, a price-to-earnings-growth ratio of 0.26 and a beta of 0.71. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating the consensus estimate of $2.66 by $20.58. The firm had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 46.08% and a net margin of 29.05%. PDD’s quarterly revenue 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. Equities analysts anticipate that PDD Holdings Inc. will post 11.19 earnings per share for the current 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.