M&G Plc Has $33.40 Million Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

M&G PLC increased its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 14.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 247,417 shares of the company's stock after acquiring an additional 30,817 shares during the quarter. M&G PLC's holdings in PDD were worth $33,401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Acadian Asset Management LLC grew its holdings in shares of PDD by 107.8% in the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company's stock worth $487,984,000 after acquiring an additional 1,904,155 shares during the period. Tairen Capital Ltd increased its stake in PDD by 49.8% during the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company's stock worth $715,055,000 after acquiring an additional 1,788,076 shares during the last quarter. Hhlr Advisors LTD. grew its stake in shares of PDD by 16.6% during the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company's stock valued at $1,370,767,000 after buying an additional 1,680,600 shares during the last quarter. Dragoneer Investment Group LLC grew its stake in PDD by 142.6% in the second quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company's stock worth $348,440,000 after purchasing an additional 1,540,346 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in PDD in the second quarter worth approximately $176,332,000. 29.07% of the stock is currently owned by institutional investors.

PDD Trading Up 4.4 %

NASDAQ PDD traded up $5.30 during mid-day trading on Thursday, reaching $125.87. 9,898,565 shares of the stock were exchanged, compared to its average volume of 10,612,703. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The business's fifty day simple moving average is $118.54 and its 200 day simple moving average is $131.08. The stock has a market capitalization of $173.18 billion, a PE ratio of 13.63, a PEG ratio of 0.29 and a beta of 0.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11.

PDD (NASDAQ:PDD - Get Free Report) last posted its earnings results on Monday, August 26th. The company reported $23.24 earnings per share 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 business had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. During the same quarter in the previous year, the business posted $1.27 EPS. The business's quarterly revenue was up 85.7% on a year-over-year basis. On average, research analysts anticipate that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Citigroup downgraded PDD from a "buy" rating to a "neutral" rating and cut their price target for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. Bank of America decreased their price target on shares of PDD from $206.00 to $170.00 and set a "buy" rating on the stock 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 note on Tuesday, August 27th. Jefferies Financial Group decreased their target price on shares of PDD from $193.00 to $151.00 and set a "buy" rating on the stock in a research note on Monday, August 26th. Finally, Macquarie raised shares of PDD from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. 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 data from MarketBeat, PDD presently has an average rating of "Buy" and an average target price of $182.40.

PDD 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.