Thrivent Financial for Lutherans Cuts Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Thrivent Financial for Lutherans lessened its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 70.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,037 shares of the company’s stock after selling 58,084 shares during the quarter. Thrivent Financial for Lutherans’ holdings in PDD were worth $3,240,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the business. Baillie Gifford & Co. grew its stake in 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 purchasing an additional 988,042 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of PDD by 16.2% during the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after buying an additional 826,525 shares during the period. Tairen Capital Ltd raised its holdings in PDD by 49.8% in the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after acquiring an additional 1,788,076 shares in the last quarter. Legal & General Group Plc raised its holdings in PDD by 13.0% in the second quarter. Legal & General Group Plc now owns 5,332,414 shares of the company’s stock valued at $708,944,000 after acquiring an additional 612,119 shares in the last quarter. Finally, E Fund Management Co. Ltd. lifted its stake in 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 acquiring an additional 58,370 shares during the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Citigroup cut PDD from a “buy” rating to a “neutral” rating and cut their price target for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $126.00 to $224.00 in a research report on Monday, October 7th. Jefferies Financial Group dropped their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Finally, Barclays decreased their target price on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $173.40.

PDD Price Performance

Shares of NASDAQ PDD opened at $100.69 on Tuesday. The stock has a 50 day moving average of $123.31 and a two-hundred day moving average of $129.39. The stock has a market cap of $138.54 billion, a P/E ratio of 9.83, a P/E/G ratio of 0.24 and a beta of 0.71. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating the consensus estimate of $2.66 by $20.58. The firm had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. PDD had a net margin of 29.05% and a return on equity of 46.08%. PDD’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.27 EPS. On average, research analysts forecast that PDD Holdings Inc. will post 11.19 earnings per share for the current year.

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.