Anthracite Investment Company Inc. Acquires Shares of 30,000 PDD Holdings Inc. (NASDAQ:PDD)

Anthracite Investment Company Inc. purchased a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 30,000 shares of the company's stock, valued at approximately $4,044,000. PDD comprises about 1.8% of Anthracite Investment Company Inc.'s investment portfolio, making the stock its 13th biggest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Prime Capital Investment Advisors LLC boosted its stake in PDD by 5.2% during the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company's stock valued at $244,000 after buying an additional 89 shares during the last quarter. Ballentine Partners LLC increased its stake in shares of PDD by 4.6% during the second quarter. Ballentine Partners LLC now owns 2,701 shares of the company's stock valued at $359,000 after buying an additional 120 shares during the period. Parallel Advisors LLC lifted its stake in PDD by 5.3% in the second quarter. Parallel Advisors LLC now owns 2,436 shares of the company's stock worth $324,000 after acquiring an additional 122 shares during the period. Legacy Capital Group California Inc. increased its position in PDD by 6.8% during the 2nd quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company's stock valued at $277,000 after purchasing an additional 133 shares during the period. Finally, OneDigital Investment Advisors LLC lifted its holdings in PDD by 6.8% during the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company's stock worth $354,000 after buying an additional 166 shares during the period. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on PDD shares. Barclays reduced 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. Jefferies Financial Group cut their price target on PDD from $193.00 to $151.00 and set a "buy" rating for the company in a research note on Monday, August 26th. Bank of America cut their price objective on PDD from $206.00 to $170.00 and set a "buy" rating for the company in a research report on Tuesday, August 27th. Sanford C. Bernstein reduced their price objective on shares of PDD from $235.00 to $170.00 and set an "outperform" rating for the company in a research report on Tuesday, August 27th. Finally, Daiwa America upgraded PDD to a "strong-buy" rating in a report on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, PDD currently has an average rating of "Buy" and a consensus price target of $182.40.

PDD Stock Performance

NASDAQ:PDD traded down $1.19 during midday trading on Wednesday, reaching $116.49. 12,831,524 shares of the company traded hands, compared to its average volume of 10,565,792. The company has a fifty day moving average price of $122.58 and a 200 day moving average price of $130.31. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The firm has a market capitalization of $160.28 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 0.27 and a beta of 0.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11.

PDD (NASDAQ:PDD - Get Free Report) last issued its quarterly 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. The business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. PDD's revenue for the quarter was up 85.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.27 earnings per share. On average, analysts expect that PDD Holdings Inc. will post 11.19 EPS for the current fiscal 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.