Baker Avenue Asset Management LP Purchases New Shares in PDD Holdings Inc. (NASDAQ:PDD)

Baker Avenue Asset Management LP bought a new position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,551 shares of the company's stock, valued at approximately $614,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new position in shares of PDD in the second quarter valued at about $32,000. Richardson Financial Services Inc. increased its holdings in shares of PDD by 3,883.3% during the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company's stock worth $32,000 after purchasing an additional 233 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in shares of PDD in the third quarter valued at approximately $34,000. Mather Group LLC. boosted its stake in shares of PDD by 1,106.3% in the second quarter. Mather Group LLC. now owns 386 shares of the company's stock valued at $51,000 after buying an additional 354 shares during the period. Finally, Ridgewood Investments LLC bought a new position in PDD during the 2nd quarter worth $60,000. 29.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on PDD. Barclays decreased their target price 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. Nomura Securities upgraded PDD to a "strong-buy" rating in a report on Tuesday, August 27th. Bank of America dropped their price target on shares of PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a research report on Tuesday, August 27th. Sanford C. Bernstein cut their target price on PDD from $235.00 to $170.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 27th. Finally, Daiwa America upgraded PDD to a "strong-buy" rating 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, the stock has an average rating of "Buy" and an average price target of $182.40.

PDD Price Performance

Shares of PDD stock traded down $4.36 during trading hours on Tuesday, reaching $112.79. The company's stock had a trading volume of 4,656,740 shares, compared to its average volume of 10,599,337. The firm has a 50 day moving average price of $120.05 and a 200-day moving average price of $130.98. 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 Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The stock has a market cap of $155.18 billion, a P/E ratio of 12.62, a P/E/G ratio of 0.28 and a beta of 0.71.

PDD (NASDAQ:PDD - Get Free Report) last posted its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.66 by $20.58. The company had revenue of $97.06 billion during the quarter, compared to analysts' expectations of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. PDD's revenue was up 85.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.27 EPS. On average, analysts predict that PDD Holdings Inc. will post 11.19 EPS 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.