CIBC Asset Management Inc Increases Stake in PDD Holdings Inc. (NASDAQ:PDD)

CIBC Asset Management Inc increased its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 4.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,519 shares of the company's stock after purchasing an additional 5,378 shares during the period. CIBC Asset Management Inc's holdings in PDD were worth $16,921,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PDD. Venturi Wealth Management LLC purchased a new position in shares of PDD in the third quarter worth $29,000. Ashton Thomas Private Wealth LLC bought a new position in PDD during the 2nd quarter valued at about $32,000. Richardson Financial Services Inc. boosted its holdings in shares of PDD by 3,883.3% during the 2nd 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 bought a new stake in shares of PDD in the third quarter worth approximately $34,000. Finally, Strategic Financial Concepts LLC purchased a new position in shares of PDD during the second quarter valued at approximately $40,000. Institutional investors own 29.07% of the company's stock.

PDD Price Performance

Shares of PDD stock traded up $1.67 during trading hours on Friday, hitting $114.00. The stock had a trading volume of 8,874,029 shares, compared to its average volume of 10,573,298. The stock's 50-day moving average price is $121.59 and its two-hundred day moving average price is $130.53. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The stock has a market capitalization of $156.85 billion, a price-to-earnings ratio of 12.28, a PEG 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 posted its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 48.14% and a net margin of 28.92%. The company's quarterly revenue was up 85.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.27 EPS. Equities analysts forecast that PDD Holdings Inc. will post 11.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on PDD. Sanford C. Bernstein cut their target price 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. Jefferies Financial Group lowered their target price on PDD from $193.00 to $151.00 and set a "buy" rating on the stock in a report on Monday, August 26th. Barclays cut their price target on PDD from $224.00 to $158.00 and set an "overweight" rating for the company in a research note on Tuesday, August 27th. Citigroup cut shares of PDD from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Finally, Bank of America cut their target price on shares of PDD from $206.00 to $170.00 and set a "buy" rating for the company in a research report on Tuesday, August 27th. One investment 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 stock. Based on data from MarketBeat.com, PDD has a consensus rating of "Buy" and an average target price of $182.40.

PDD Company 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.