Los Angeles Capital Management LLC Sells 299,540 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Los Angeles Capital Management LLC cut its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 97.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,066 shares of the company's stock after selling 299,540 shares during the quarter. Los Angeles Capital Management LLC's holdings in PDD were worth $953,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. TB Alternative Assets Ltd. grew its position in shares of PDD by 33.7% in the 3rd quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company's stock valued at $23,342,000 after acquiring an additional 43,648 shares during the period. Vontobel Holding Ltd. boosted its stake in shares of PDD by 13.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company's stock worth $31,589,000 after acquiring an additional 27,567 shares during the period. Jupiter Asset Management Ltd. increased its holdings in shares of PDD by 63.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company's stock worth $30,700,000 after acquiring an additional 89,853 shares during the last quarter. BOCHK Asset Management Ltd raised its position in shares of PDD by 3,391.7% in the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company's stock valued at $5,649,000 after purchasing an additional 40,700 shares during the period. Finally, M&G PLC lifted its stake in shares of PDD by 14.2% during the 3rd quarter. M&G PLC now owns 247,417 shares of the company's stock worth $33,401,000 after buying an additional 30,817 shares during the last quarter. Institutional investors own 29.07% of the company's stock.

Analysts Set New Price Targets

PDD has been the subject of several research reports. Bank of America dropped their price target on PDD from $206.00 to $170.00 and set a "buy" rating for the company in a report on Tuesday, August 27th. Nomura Securities upgraded shares of PDD to a "strong-buy" rating in a research note on Tuesday, August 27th. Benchmark decreased their target price on shares of PDD from $230.00 to $185.00 and set a "buy" rating on the stock in a research report on Tuesday, August 27th. Daiwa America raised PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Finally, Jefferies Financial Group dropped their price objective on PDD from $193.00 to $151.00 and set a "buy" rating for the company in a report on Monday, August 26th. One 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 stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $182.40.

PDD Price Performance

PDD stock traded up $1.67 during mid-day trading on Friday, reaching $114.00. The company had a trading volume of 8,874,029 shares, compared to its average volume of 10,573,298. The business has a fifty day simple moving average of $121.59 and a 200 day simple moving average of $130.53. The company has a market cap of $156.85 billion, a P/E ratio of 12.28, a P/E/G ratio of 0.27 and a beta of 0.71. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69.

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

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.