Sanibel Captiva Trust Company Inc. Purchases New Stake in PDD Holdings Inc. (NASDAQ:PDD)

Sanibel Captiva Trust Company Inc. purchased a new stake in PDD Holdings Inc. (NASDAQ:PDD) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,580 shares of the company’s stock, valued at approximately $210,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in PDD in the fourth quarter valued at $13,379,000. Cerity Partners LLC boosted its holdings in PDD by 7.0% in the fourth quarter. Cerity Partners LLC now owns 11,270 shares of the company’s stock valued at $1,649,000 after purchasing an additional 735 shares during the period. Tennessee Valley Asset Management Partners acquired a new stake in PDD in the fourth quarter valued at $144,000. Mackenzie Financial Corp raised its stake in PDD by 62.6% in the fourth quarter. Mackenzie Financial Corp now owns 48,923 shares of the company’s stock valued at $7,158,000 after buying an additional 18,844 shares in the last quarter. Finally, abrdn plc raised its stake in PDD by 4.5% in the fourth quarter. abrdn plc now owns 562,509 shares of the company’s stock valued at $82,301,000 after buying an additional 24,230 shares in the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.

PDD Price Performance

Shares of NASDAQ:PDD traded up $3.27 during trading on Wednesday, hitting $147.49. 3,955,806 shares of the stock were exchanged, compared to its average volume of 8,263,287. PDD Holdings Inc. has a 12-month low of $76.82 and a 12-month high of $164.69. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.02. The company has a fifty day moving average price of $137.64 and a two-hundred day moving average price of $132.71. The company has a market cap of $202.93 billion, a PE ratio of 19.29, a P/E/G ratio of 0.25 and a beta of 0.63.

PDD (NASDAQ:PDD) last posted its earnings results on Wednesday, May 22nd. The company reported $2.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $1.19. PDD had a return on equity of 45.04% and a net margin of 26.93%. The firm had revenue of $12.02 billion for the quarter, compared to analyst estimates of $10.62 billion. On average, analysts forecast that PDD Holdings Inc. will post 11.41 EPS for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on PDD shares. UBS Group raised their price target on PDD from $248.00 to $272.00 and gave the company a “buy” rating in a research note on Wednesday, May 22nd. Sanford C. Bernstein raised their price target on PDD from $180.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. Bank of America raised their price target on PDD from $191.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. The Goldman Sachs Group upgraded PDD from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $145.00 to $184.00 in a research report on Friday, May 24th. Finally, Citigroup lifted their target price on PDD from $185.00 to $198.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $188.33.

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.