Prime Capital Investment Advisors LLC Increases Stake in PDD Holdings Inc. (NASDAQ:PDD)

Prime Capital Investment Advisors LLC raised its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 5.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,810 shares of the company’s stock after buying an additional 89 shares during the period. Prime Capital Investment Advisors LLC’s holdings in PDD were worth $244,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. increased its holdings in PDD by 16.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,680,380 shares of the company’s stock valued at $226,532,000 after buying an additional 232,181 shares during the last quarter. Baillie Gifford & Co. increased its holdings in PDD by 2.8% during the third quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock valued at $4,868,859,000 after buying an additional 988,042 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in PDD by 21.2% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 274,895 shares of the company’s stock valued at $36,979,000 after buying an additional 48,007 shares during the last quarter. Apollon Wealth Management LLC increased its holdings in PDD by 12.0% during the third quarter. Apollon Wealth Management LLC now owns 2,614 shares of the company’s stock valued at $352,000 after buying an additional 281 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV increased its holdings in PDD by 317.0% during the third quarter. Nations Financial Group Inc. IA ADV now owns 10,983 shares of the company’s stock valued at $1,481,000 after buying an additional 8,349 shares during the last quarter. 29.07% of the stock is owned by hedge funds and other institutional investors.

PDD Price Performance

PDD stock opened at $114.00 on Monday. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week 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 company has a fifty day simple moving average of $121.59 and a two-hundred day simple moving average of $130.61. The firm has a market capitalization of $156.85 billion, a P/E ratio of 12.28, a price-to-earnings-growth ratio of 0.27 and a beta of 0.71.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. During the same quarter last year, the business earned $1.27 earnings per share. PDD’s quarterly revenue was up 85.7% compared to the same quarter last year. Analysts anticipate that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PDD shares. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Bank of America reduced their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Benchmark reduced their price objective on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Finally, Citigroup cut shares of PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, PDD presently has a consensus rating of “Buy” and a consensus price target of $182.40.

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.