PDD Holdings Inc. (NASDAQ:PDD) Shares Bought by Ballentine Partners LLC

Ballentine Partners LLC grew its position in PDD Holdings Inc. (NASDAQ:PDD) by 11.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,022 shares of the company’s stock after purchasing an additional 321 shares during the quarter. Ballentine Partners LLC’s holdings in PDD were worth $407,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of PDD during the 2nd quarter worth approximately $32,000. Richardson Financial Services Inc. lifted its position in PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after acquiring an additional 233 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in PDD in the third quarter valued at $34,000. Strategic Financial Concepts LLC acquired a new position in PDD in the second quarter valued at $40,000. Finally, Mather Group LLC. increased its position in shares of PDD by 1,106.3% during the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after purchasing an additional 354 shares in the last quarter. 29.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Bank of America decreased their target price on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Benchmark reduced their target price 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. Barclays dropped their price target on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 27th. Finally, Daiwa America upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $182.40.

PDD Stock Performance

Shares of PDD stock opened at $122.47 on Monday. The stock has a market cap of $168.50 billion, a PE ratio of 16.22, a P/E/G ratio of 0.31 and a beta of 0.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The stock has a fifty day moving average price of $119.25 and a 200 day moving average price of $130.78.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The company had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter in the prior year, the company posted $1.27 EPS. The company’s quarterly revenue was up 85.7% compared to the same quarter last year. Sell-side analysts forecast that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal year.

PDD 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.