Fmr LLC Purchases 1,654,764 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Fmr LLC raised its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 8.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 20,930,161 shares of the company’s stock after purchasing an additional 1,654,764 shares during the quarter. Fmr LLC’s holdings in PDD were worth $2,821,595,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in PDD. Prospera Private Wealth LLC purchased a new stake in shares of PDD during the 3rd quarter valued at about $27,000. Venturi Wealth Management LLC purchased a new stake in PDD during the third quarter valued at approximately $29,000. Ashton Thomas Private Wealth LLC bought a new position in PDD in the second quarter worth approximately $32,000. Richardson Financial Services Inc. boosted its stake in shares of PDD by 3,883.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after acquiring an additional 233 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of PDD during the 3rd quarter valued at $34,000. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Stock Performance

PDD opened at $100.69 on Tuesday. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company has a fifty day moving average of $123.31 and a 200 day moving average of $129.39. The stock has a market capitalization of $138.54 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 0.24 and a beta of 0.71.

PDD (NASDAQ:PDD) last posted its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. PDD had a net margin of 29.05% and a return on equity of 46.08%. The firm had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. During the same period last year, the firm posted $1.27 earnings per share. PDD’s revenue for the quarter was up 85.7% compared to the same quarter last year. As a group, sell-side analysts forecast that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Bank of America decreased their target price on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Barclays cut their price objective on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday. Finally, Sanford C. Bernstein lowered their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate 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.