Pekin Hardy Strauss Inc. Invests $450,000 in PDD Holdings Inc. (NASDAQ:PDD)

Pekin Hardy Strauss Inc. acquired a new position in PDD Holdings Inc. (NASDAQ:PDD) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,335 shares of the company’s stock, valued at approximately $450,000.

Other large investors also recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its stake in shares of PDD by 2.8% during the 3rd quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock worth $4,868,859,000 after acquiring an additional 988,042 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in PDD by 16.2% during the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after purchasing an additional 826,525 shares in the last quarter. Tairen Capital Ltd grew its holdings in PDD by 49.8% during the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after purchasing an additional 1,788,076 shares during the period. Legal & General Group Plc increased its position in PDD by 13.0% in the second quarter. Legal & General Group Plc now owns 5,332,414 shares of the company’s stock worth $708,944,000 after buying an additional 612,119 shares in the last quarter. Finally, E Fund Management Co. Ltd. raised its stake in shares of PDD by 1.3% in the second quarter. E Fund Management Co. Ltd. now owns 4,619,649 shares of the company’s stock worth $614,182,000 after buying an additional 58,370 shares during the period. 29.07% of the stock is currently owned by institutional investors.

PDD Stock Performance

NASDAQ PDD opened at $100.07 on Monday. The stock has a market capitalization of $137.68 billion, a PE ratio of 9.77, a P/E/G ratio of 0.24 and a beta of 0.71. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The business has a 50 day simple moving average of $123.24 and a two-hundred day simple moving average of $129.64. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

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 the consensus estimate of $2.66 by $20.58. PDD had a net margin of 29.05% and a return on equity of 46.08%. The company had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter in the previous year, the business posted $1.27 earnings per share. PDD’s quarterly revenue was up 85.7% on a year-over-year basis. On average, research analysts predict that PDD Holdings Inc. will post 11.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PDD has been the subject of several analyst reports. Nomura Securities raised shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $170.00 to $105.00 in a research note on Friday. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Daiwa America raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $173.40.

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.